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House substitute on affordable‑housing assessments passes subcommittee after heated debate
Summary
A substitute for HB 2,245 clarifies that income‑producing affordable rental housing should be assessed using the income approach; supporters said incorrect assessments reduce developer feasibility while opponents warned of constitutional and appraisal‑practice concerns. The substitute was reported to the full committee, 5‑3.
Delegate Kenneth Colson presented a substitute to House Bill 2,245 to clarify how local assessors should value affordable rental housing for real‑property tax purposes. The substitute seeks to ensure that affordable housing properties that generate rental income be assessed using the income approach to value—that is, based on income and expenses—while allowing other approaches when income information is unavailable.
"If you're an affordable housing property that is generating income, you should be assessed using the income approach," Delegate Colson said, describing the change as a correction to an internal…
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