Real property tax; assessment of affordable rental housing.

Text was reformatted with added spacing and line numbers for readability; no substantive policy changes occurred.

Added a new sentence in subsection A requiring that affordable rental housing not currently assessed using the income approach be reassessed using that method once it begins generating income.

Page layout and formatting were updated with new headers, line numbers, and spacing, but no substantive policy language was altered.

Changed the assessment methodology to require the income approach for all affordable rental housing properties, removing previous flexibility in how properties could be valued.

Modified the compliance requirements by adding a presumption that owners who complete the uniform income and expense reporting form are complying with all legal requirements.

Added specific language about how to handle properties sold during the taxable year, requiring assessors to combine information from both prior and current owners.

Added a new provision requiring localities to reimburse owners for attorney fees and costs if they successfully appeal an assessment that failed to follow the new requirements.

Subsection A was modified to clarify that assessors shall consider specific factors when using the income approach, and added a provision requiring reassessment of affordable housing not currently assessed with the income approach when it begins generating income.

Subsection E was modified to add conditions about when information is not provided by the property owner, allowing the property to be assessed according to subsection A in those cases.

Section 2 was modified to specify that the stakeholder group developing the reporting form must include representatives from affordable rental housing owners, advocates, local government, and local revenue commissioners.

Subsection F was modified to change the reimbursement trigger from an owner prevailing in an appeal to the Department developing a uniform reporting form, and added presumptions that completing the form or submitting accurate financial data complies with § 58.1-3294 requirements.