HB 863 – AS INTRODUCED
2007 SESSION
10/04
HOUSE BILL 863
AN ACT relative to the assessment of property subject to a housing subsidy restriction.
SPONSORS: Rep. Infantine, Hills 13
COMMITTEE: Municipal and County Government
This bill provides a procedure for the assessment of property subject to a housing subsidy covenant or other legal restriction.
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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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
07-0947
10/04
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Seven
AN ACT relative to the assessment of property subject to a housing subsidy restriction.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 Appraisal of Property; Reference Added. Amend RSA 75:1 to read as follows:
75:1 How Appraised. The selectmen shall appraise open space land pursuant to RSA 79-A:5, open space land with conservation restrictions pursuant to RSA 79-B:3, land with discretionary easements pursuant to RSA 79-C:7, residences on commercial or industrial zoned land pursuant to RSA 75:11, earth and excavations pursuant to RSA 72-B, and property subject to housing subsidy restriction pursuant to RSA 75:1-a, and all other taxable property at its market value. Market value means the property’s full and true value as the same would be appraised in payment of a just debt due from a solvent debtor. The selectmen 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.
2 New Section; Property Subject to Housing Subsidy Restriction. Amend RSA 75 by inserting after section 1 the following new section:
75:1-a Property Subject to Housing Subsidy Restriction. The appraisal for property tax purposes on units in a residential rental property that are subject to a recorded housing subsidy covenant or other legal restriction imposed by a governmental entity or instrumentality that restricts the rent that may be charged to income qualified households shall be limited to an amount which results in a property tax liability of 10 percent of the total shelter rent received by the owner from all sources of the property during the preceding calendar year, not including security deposits received from the residents. Units not subject to rent or occupancy restrictions shall be assessed at their fair market value under RSA 75:1.
3 Effective Date. This act shall take effect April 1, 2007.