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Assessors oppose HB 753, cite court precedent and pilot authority
Summary
A representative for property assessors told the subcommittee that tax credits have been treated as part of real property value by courts and that assessors already have pilot authority to test valuation approaches; he opposed the bill as written.
Will Denami, speaking for assessors of property, told the committee the assessors oppose House Bill 753 and highlighted legal and administrative constraints. "The Court of Appeals in 2002 on this issue determined these credits are part of the real property, and a seller and a buyer would consider them as part of the sale," Denami said, citing a 2002 decision.
Denami also said assessors currently have a statutory pilot authorization that localities can use to test alternative valuation approaches and offered to answer questions about valuation mechanics. Committee members pressed Denami on whether the restricted rents associated with the tax credits make those properties materially different for assessment; Denami replied that the valuation reflects the agreed restricted rents under the credit agreements.
