Section 75:1-a-1 Residential Property Subject to Housing Covenant Under the Low-Income Housing Tax Credit Program. - New Hampshire Statutes

   The appraisal for property tax purposes on multifamily residential rental property which has been allocated federal low-income housing tax credits under section 42 of the Internal Revenue Code and which is subject to a recorded housing subsidy covenant that restricts tenant eligibility and rents shall, upon the affirmative request of the taxpayer, be determined according to rules adopted by the assessing standards board pursuant to RSA 21-J:14-b, I-a(d). Provided, however, that a taxpayer who made an election under this section on or before October 1, 2009, shall be assessed using the assessment determination method in effect at the time of the taxpayer's election for the remainder of the 10-year election. A taxpayer making an election under rules adopted by the assessing standards board shall be liable for taxes on the property in an amount that is the greater of the taxes determined using the income approach under the rules adopted by the assessing standards board or the taxes in an amount equal to 10 percent of the actual rental income and other income. A copy of the recorded land use restriction required by section 42 of the Internal Revenue Code or other low income rental use restriction covenant required by the New Hampshire housing finance authority, is sufficient proof of an allocation of federal low-income housing tax credits. A property subject to assessment under this section shall not be granted property tax exemption under RSA 72:23.

Source. 2008, 390:5, eff. July 1, 2008; 390:9, eff. July 1, 2010.