Start Date
14-12-2018 1:15 PM
End Date
14-12-2018 2:00 PM
Description
Under Louisiana law, a tax assessor has discretion to utilize all three approaches to value property. The Louisiana Tax Commission has enacted a Regulation recommending the income capitalization approach to value low income tax credit housing. In 2017, the Louisiana Legislature also modified the law and criteria for determining FMV, by prohibiting consideration of low income housing tax credits when valuing property. In valuing scattered-site low income tax credit housing, the sales comparison approach is utilized and preferred by the Orleans Parish Assessor's Office. The Orleans Parish Assessor's Office considers scattered site low income tax credit housing as those properties that are separately parceled single and double homes, which can be either contiguous (bordering), or physically scattered across the City. This presentation will cover utilization of functional and economic obsolesce in the income and sales comparison approaches. This presentation will also cover the Louisiana Tax Commission's efforts to uniformly value low income tax credit housing in Louisiana, how Assessor Williams and his office have likewise sought to comply with Louisiana law and the recommendation of the Tax Commission, and also address the unique complexity in valuation of scattered-site low income housing tax credit developments.
Recommended Citation
Mire, Darren; Weiler, Christian Esq.; Sandox, Thomas; and Frick, Jacquelyn, "Unique valuation problems assessing low income housing tax credit developments" (2018). IAAO Annual Legal Seminar. 11.
https://researchexchange.iaao.org/legal/legal18/sessions/11
Unique valuation problems assessing low income housing tax credit developments
Under Louisiana law, a tax assessor has discretion to utilize all three approaches to value property. The Louisiana Tax Commission has enacted a Regulation recommending the income capitalization approach to value low income tax credit housing. In 2017, the Louisiana Legislature also modified the law and criteria for determining FMV, by prohibiting consideration of low income housing tax credits when valuing property. In valuing scattered-site low income tax credit housing, the sales comparison approach is utilized and preferred by the Orleans Parish Assessor's Office. The Orleans Parish Assessor's Office considers scattered site low income tax credit housing as those properties that are separately parceled single and double homes, which can be either contiguous (bordering), or physically scattered across the City. This presentation will cover utilization of functional and economic obsolesce in the income and sales comparison approaches. This presentation will also cover the Louisiana Tax Commission's efforts to uniformly value low income tax credit housing in Louisiana, how Assessor Williams and his office have likewise sought to comply with Louisiana law and the recommendation of the Tax Commission, and also address the unique complexity in valuation of scattered-site low income housing tax credit developments.