House Sponsors: SMITH,MICHAEL AND WINTERS. Senate Sponsors: WATSON-MYERS,J Short description: PROP TX-LOW INCOME HOUSING Synopsis of Bill as introduced: Amends the Property Tax Code. Provides for special valuation of federal Section 515 low-income housing projects. Provides that to determine 33 1/3% of the fair cash value of any Section 515 low-income housing project, local assessment officers must consider the actual or probable net operating income attributable to the project, capitalized at normal market values. Provides certification and assessment procedures for the valuation. Authorizes the Department of Revenue to adopt rules to implement and administer the Division. Amends the State Mandates Act to require implementation without reimbursement. HOUSE AMENDMENT NO. 1. Excepts from the amendatory provisions counties with a population of more than 200,000 that classify property for the purposes of taxation. SENATE AMENDMENT NO. 1. Provides that in valuing the low-income housing projects, the interest rate to be used in developing the normal market value capitalization rate shall be one that reflects the prevailing cost of cash for other types of commercial real estate in the geographic market in which the Section 515 project is located. Last action on Bill: PUBLIC ACT.............................. 91-0651 Last action date: 99-12-06 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 1 END OF INQUIRY Full Text Bill Status