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Committee hears testimony on SB 173 to simplify tax assessment of LIHTC properties
Summary
Senate Bill 173 would simplify how low-income housing tax credit (LIHTC) properties are assessed for property tax purposes, replacing a complex formula with a straightforward 10% of actual income approach; assessors, developers and housing groups testified in support.
Senate Bill 173 seeks to standardize property tax treatment for multifamily properties subject to long-term affordability covenants financed with federal Low-Income Housing Tax Credits (LIHTC).
Senator Murphy introduced SB 173 as a clarification to RSA 75:1-a intended to address differing municipal interpretations of the current statute. Supporters including developers, municipal assessors and housing advocates told the committee the existing alternative formula is administratively burdensome and…
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