HB2245
Real property tax; assessment of affordable rental housing.
Status:
Enacted
Latest Action:
March 24, 2025
Acts of Assembly Chapter text (CHAP0456)
Chief Patron:
Katrina Callsen (D)
Session:
2025 Regular Session
Summary
As Passed House of Origin. Real property tax; assessment of affordable rental housing.
Directs the Department of Taxation to develop a uniform income and expense reporting form that may be provided by duly authorized assessors and completed by the owners of affordable rental housing properties prior to assessment of such affordable rental housing properties. The bill provides that the duly authorized real estate ... (More) assessor charged with determining the fair market value of affordable rental housing shall use the income approach when such housing generates income unless certain information is not provided by the property owner. The bill specifies that the foregoing provisions shall become effective for assessments beginning on or after January 1, 2026. Finally, the bill directs the Department to develop, in consultation with a stakeholder group, the uniform income and expense reporting form no later than September 1, 2025, and directs the Department to provide by November 1, 2025, a letter to the Chairs of the Senate Committee on Finance and Appropriations and the House Committee on Finance with an update on the development of such form and implementation of training for assessing officials and contracted assessors on the assessment of affordable rental housing. (Less)-
Bill History
- 01/07/2025 - House: Prefiled and ordered printed; Offered 01-08-2025 25104430D
- 01/07/2025 - House: Referred to Committee on Finance
- 01/21/2025 - House: Impact statement from TAX (HB2245)
- 01/24/2025 - House: Assigned Finance sub: Subcommittee #1
- 01/24/2025 - House: Placed on Finance Agenda
- 01/27/2025 - House: Subcommittee recommends reporting with substitute (5-Y 3-N)
- 01/28/2025 - House: Placed on Finance Agenda
- 01/29/2025 - House: Reported from Finance with substitute (15-Y 7-N)
- 01/29/2025 - House: Committee substitute printed 25106399D-H1
- 01/31/2025 - House: Read first time
- 02/03/2025 - House: Read second time
- 02/03/2025 - House: Finance Substitute agreed to
- 02/03/2025 - House: Engrossed by House - committee substitute
- 02/04/2025 - House: Read third time and passed House (74-Y 25-N)
- 02/05/2025 - Senate: Constitutional reading dispensed (on 1st reading)
- 02/05/2025 - Senate: Referred to Committee on Finance and Appropriations
- 02/06/2025 - House: Impact statement from TAX (HB2245)
- 02/11/2025 - Senate: Reported from Finance and Appropriations (15-Y 0-N)
- 02/11/2025 - Senate: Rules suspended
- 02/11/2025 - Senate: Constitutional reading dispensed (on 2nd reading) (40-Y 0-N)
- 02/11/2025 - Senate: Passed by for the day
- 02/12/2025 - Senate: Read third time
- 02/12/2025 - Senate: Passed Senate (35-Y 4-N)
- 02/17/2025 - House: Enrolled
- 02/17/2025 - House: Bill text as passed House and Senate (HB2245ER)
- 02/17/2025 - House: Impact statement from TAX (HB2245)
- 02/17/2025 - House: Signed by Speaker
- 02/20/2025 - Senate: Signed by President
- 03/03/2025 - House: Enrolled Bill communicated to Governor on March 3, 2025
- 03/03/2025 - Governor's Action Deadline 11:59 p.m., March 24, 2025
- 03/24/2025 - Approved by Governor-Chapter 456 (Effective 07/01/25)
- 03/24/2025 - Acts of Assembly Chapter text (CHAP0456)
