Senators passed a bill April 7 that adjusts the property appraisal calculation for rent-restricted housing.<\/p>\n
LB356, introduced by Omaha Sen. Burke Harr, requires county assessors to use an income approach calculation for all rent-restricted housing projects to determine taxable valuation.<\/p>\n
Rent-restricted housing project is defined as a project consisting of five or more houses or residential units that is financed, in whole or in part, with an allocation of federal low-income housing tax credits.<\/p>\n
The bill creates the Rent-Restricted Housing Projects Valuation Committee, which will develop a market-derived capitalization rate to be used by county assessors when determining assessed value for qualified projects.<\/p>\n
The committee will include the state tax commissioner and the following members appointed by the commissioner:
\n\u2022 a representative of local government assessing officials;
\n\u2022 a representative of the low-income housing industry; and
\n\u2022 an appraiser from the private sector.<\/p>\n
Owners of a rent-restricted housing project are required to file a detailed income and expense data statement with the committee and the county assessor by Oct. 1 of each year.<\/p>\n
The bill passed on a 45-0 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senators passed a bill April 7 that adjusts the property appraisal calculation for rent-restricted housing. LB356, introduced by Omaha Sen.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[17],"tags":[108],"class_list":["post-17036","post","type-post","status-publish","format-standard","hentry","category-revenue","tag-sen-burke-harr"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/17036","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17036"}],"version-history":[{"count":3,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/17036\/revisions"}],"predecessor-version":[{"id":17040,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/17036\/revisions\/17040"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17036"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17036"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17036"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}