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Assessors tell committee excluding LIHTC from valuations could create unequal treatment
Summary
A representative for assessors of property testified that HB753 would undermine standard valuation practice, could create unequal treatment among taxpayers across tax years, and cited prior appeals court consideration of valuation and credits.
Will Denami, speaking for assessors of property, told the House Government Operations Committee that House Bill 753 would "do an end run" around established valuation practice and give unequal treatment to taxpayers. Denami said assessors value property by considering what a willing buyer would pay and that rent restrictions tied to federal credits factor into market value.
Denami said a 2002 appeals-court review considered the issue of value and that prior versions of similar measures showed larger revenue losses in some localities. He told members the bill would in effect direct assessors to ignore rent restrictions that buyers would include in value calculations.
