News & Analysis as of October 13, 2024

Affordable Housing

+ Follow

Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. less -

New Bill Requires Municipalities to Assess Affordable Housing Properties Based on Net Rental Income

Pullman & Comley - For What It May Be Worth on 7/2/2024

The Connecticut General Assembly recently passed a bill requiring municipalities to assess properties used solely for low and moderate-income housing based on the capitalized value of their net rental income....more

Navigating the NYS 2024/2025 Executive Budget and Its Impact on NYC Multifamily Housing (Part 1 of 4)

Cole Schotz on 5/14/2024

New York recently adopted the Affordable Neighborhoods for New Yorkers (ANNY) Tax Incentive and the Affordable Housing from Commercial Conversions (AHCC) Tax Incentive programs, as well as a host of other new and modified...more

Florida Live Local Act Tax Exemption Guidance Officially Updated

Bilzin Sumberg on 12/4/2023

The Live Local Act provides a property tax exemption of up to 100% of the assessed value of a qualifying project’s units. In order to qualify, a project must contain at least 71 housing units, and must serve housing occupants...more

Texas Legislature Approves HB 2071 Which Revises Public Facility Corporation Exemption for Affordable Housing

Winstead PC on 6/20/2023

The 88th Regular Session (2023) of the Texas Legislature approved HB 2071 (the "Bill"), which revises the way public facility corporations ("PFCs") can be utilized to own and operate affordable housing. Affordable housing is...more

Details on the Mayor’s budget proposal, Proposal to protect renters; Funding for the School District; Land-value taxation

Cozen O'Connor on 4/23/2021

Last week, Mayor Kenney formally introduced his budget to City Council. His proposed budget includes: Public Strategies provides more detailed analysis of the budget proposal here. ...more

Section 421-a and New York City's New Rent Law

Holland & Knight LLP on 7/9/2019

A number of questions have arisen concerning the impact of the recently adopted Housing Stability and Tenant Protection Act of 2019 (HSTPA) on the Section 421-a Tax Exemption Program. HSTPA (Chapter 36 of the Laws of 2019)...more

New 421-a Legislation

Kramer Levin Naftalis & Frankel LLP on 4/14/2017

The recently adopted state budget bill included the long-awaited revisions to the 421-a program. These amendments to the Real Property Law, dubbed the “Affordable New York Housing Program,” provide partial exemptions from...more

Property Tax & Valuation Topics - Winter 2017

Pullman & Comley, LLC on 1/20/2017

On September 30, 2016, the Connecticut Supreme Court heard oral argument in Nutmeg Housing Development Corp. v. Colchester. On the face of it, the ad valorem valuation of a garden variety property in the suburbanizing Town...more

Being a “good landlord” not enough to prove low income housing qualified for Indiana’s charitable purpose property tax exemption

Faegre Drinker Biddle & Reath LLP on 6/16/2014

In Housing Partnerships, Inc. v. Tom Owens, Bartholomew County Assessor, Pet. No. 49T10-1005-TA-23 (June 6, 2014), Taxpayer owned several individual homes, duplexes and small apartment buildings. The properties were rented...more

9 Results

View per page

Page: of 1

Property Tax › Rental Property › Affordable Housing

"My best business intelligence, in one easy email…"