HB 1227 - AS INTRODUCED
2001 SESSION
05/10
HOUSE BILL 1227
COMMITTEE: Municipal and County Government
This bill requires that the appraisal of property subject to a housing subsidy covenant fully reflect the decrease in value attributable to the covenant.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
01-2342
05/10
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand One
AN ACT relative to the appraisal of affordable housing developments.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Appraisal of Taxable Property; How Appraised; Property Subject to a Housing Subsidy Covenant. Amend RSA 75:1 to read as follows:
75:1 How Appraised.
I. Except with respect to open space land appraised pursuant to RSA 79-A:5, [and] residences appraised pursuant to RSA 75:11, and property subject to housing subsidy covenants appraised pursuant to paragraph II of this section, the selectmen shall appraise all taxable property at its full and true value in money as they would appraise the same in payment of a just debt due from a solvent debtor, and shall receive and consider all evidence that may be submitted to them relative to the value of property, the value of which cannot be determined by personal examination.
II. The appraisal of property subject to a housing subsidy covenant shall fully reflect the decrease in value attributable to such covenant. No value shall be imputed to the presence of the subsidy giving rise to such covenant, including but not limited to housing production subsidies under the federal Low Income Housing Tax Credit Program or other federal or state subsidy programs. For purposes of this section, a "housing subsidy covenant" is any legally-enforceable restriction on the use of real property, including limitations on what rents may be charged, accompanying a subsidy the purpose of which is to encourage the development or continued availability of affordable rental or owner-occupied housing for low to moderate income persons as defined by the subsidy source.
2 Effective Date. This act shall take effect April 1, 2002.