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Valuation of Affordable Housing Properties

In accordance with Resolve 2006, ch. 170, “Resolve, Concerning the Assessment of Property Subject to Affordable Housing Limitations and Benefits” the Bureau of Revenue Services (“the bureau”) reviewed the factors that should be considered by municipal assessors when determining the just value of property acquired, rehabilitated or constructed pursuant to federal laws related to affordable housing for low-income persons and presented a report describing the results of its review. In preparing this report the bureau consulted with representatives from the Maine State Housing Authority (“MSHA”), representatives of affordable housing project developers, municipal assessors, the Maine Municipal Association, and other experts in the field.

The valuation of low-income housing properties for property taxation is a complex issue due to the rules and restrictions imposed on such properties. The factors which present special concerns are government restrictions on rents and tax credits available to investors.

To view a copy of Resolve 2007, ch 170 “Resolve, Concerning the Assessment of Property Subject to Affordable Housing Limitations and Benefits” click here (PDF) / HTML

To view a copy of the final report "Factors To Be Considered In Determining the Just Value of Property Acquired, Rehabilitated or Constructed Pursuant to Federal Laws Related to Affordable Housing" click here (PDF) / HTML

 

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