§ 105-277.16. (Effective for taxes imposed for taxable years beginning on or after July 1, 2009) Taxation of low-income housing property. - North Carolina Statutes

§ 105‑277.16. (Effective for taxes imposed for taxable years beginning on or after July 1,2009) Taxation of low‑income housing property.

A North Carolina low‑incomehousing development to which the North Carolina Housing Finance Agencyallocated a federal tax credit under section 42 of the Code is designated aspecial class of property under Article V, Section 2(2) of the North CarolinaConstitution and must be appraised, assessed, and taxed in accordance with thissection. The assessor must use the income approach as the method of valuationfor property classified under this section and must take rent restrictions thatapply to the property into consideration in determining the income attributableto the property. The assessor may not consider income tax credits receivedunder section 42 of the Code or under G.S. 105‑129.42 in determining theincome attributable to the property.  (2008‑146, s. 3.1; 2008‑187, s. 47.6.)