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Committee advances change to rental‑housing assessment rules; bill excludes LIHTC properties and sets a 2‑year cost assessment window
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Summary
SB 2018 was reported do‑pass after Representative Schreiber told the committee the bill narrows the residential rental housing definition to 20+ units, excludes properties receiving federal low‑income housing tax credits, and requires new developments to be assessed at cost for the first two years or until sold.
The House A & B Finance Committee voted to report Senate Bill 2018 do‑pass. Representative Schreiber presented the measure, which amends the statute that defines residential rental housing to include properties of 20 units or more, excludes properties that receive the federal low‑income housing tax credit, and requires new developments to be assessed at cost for the first two years or until sold.
Schreiber said the two‑year period is intended to give new developments time to reach occupancy and move from completion to stabilized operations. "I think it's getting the property online and populated with residents so that they're still oftentimes in the completion phase," Schreiber said in response to a question about the significance of two years.
Representative Hopack asked about the purpose of the two‑year mark; Schreiber reiterated the intent to allow a development to come on line and begin occupancy before full market valuation is required.
The committee recorded a unanimous vote to report the bill do‑pass, 9‑0.
Next steps: SB 2018 will proceed to additional legislative consideration.
