State would assess rent-restricted housing

A more consistent approach to assessing the value of rent-restricted housing was the focus of a bill discussed in a Revenue Committee hearing Feb. 23.

LB1075, introduced by Bellevue Sen. Abbie Cornett, would transfer all assessment of rent-restricted housing from county assessors to the state property tax administrator. Cornett said the issue has been a constant concern.

“This issues has been before the committee almost every year I’ve been here,” she said. “I think this deserves full discussion.”

Under the bill, rent-restricted housing is defined as any housing that is financed, at least in part, by low-income housing tax credits.

Proponents of the bill said property valuations can vary greatly by county. Thomas Judds, representing Midwest Housing Equity Group, said the fluctuation of valuations from county to county can be restrictive for some developers.

“This is the [greatest] threat to the continued investment in affordable housing in Nebraska,” Judds said. “This is a hindrance for all communities across the state.”

Larry Dix, executive director of the Nebraska Association of County Officials, testified in a neutral capacity. He said county officials want to do what makes the most sense for the state.

“If there is a belief that the administrator can value these more consistently, we don’t want to stand in the way,” Dix said.

No one testified in opposition to the bill and the committee took no immediate action.