Senate Sponsors: PETERSON-VIVERITO. House Sponsors: SMITH,MICHAEL-TURNER,ART-BOLAND-HOLBROOK Short description: PROP TAX-LOW INCOME HOUSING Synopsis of Bill as introduced: Amends the Property Tax Code. Provides that, in assessing a Section 515 low-income housing project based on actual or probable net operating income attributable to the project, the local assessment officer must use a vacancy rate of not more than 5%, capitalized at normal market rates (now, market values). Removes language stating that the effective date of a Section 515 low-income housing certificate is the date of application for the certificate or the date of the construction of the project, whichever is later, and instead states that, beginning on January 1, 2000, all certified Section 515 low-income housing projects shall be assessed in accordance with the special assessment provisions regarding those projects. Effective immediately. Last action on Bill: PUBLIC ACT.............................. 91-0884 Last action date: 00-06-30 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status