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Committee approves bill to let appraisers consider community land-trust restrictions in valuations
Summary
House Bill 24-08 would add leased ground owned by county-recognized community land trusts as a factor in fair-market-value determinations so deed restrictions or resale-price caps can be reflected in appraisals; committee approved technical date amendments and passed the bill favorably as amended.
House Taxation considered House Bill 24-08, which would direct that leased ground owned by a county-recognized community land trust be treated as a factor when determining fair market value. Committee members asked whether the bill targeted specific organizations such as Habitat for Humanity and sought clarity on how appraisers should calculate discounts tied to deed restrictions.
The reviser and several members explained the bill is broader than a single nonprofit: it would apply to any qualifying community land trust. Representative Francis described how contractual resale restrictions — for example, a requirement to resell at 25% below market — mean an appraiser should consider the restricted future sale price when assessing present value. Members asked whether a template or metrics would be provided; the chair and proponents said appraisers could rely on contract language and documented resale restrictions as evidence of value limitations.
The committee adopted a technical amendment to update statutory cross-references and passed HB 24-08 favorably as amended by voice vote.
