Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2017

Revenue and Taxation Code

Property Taxation

Part 2. Assessment

Chapter 3. Assessment Generally

Article 1. General Requirements

Section 402.9

402.9. Low-income housing; subsidy payments. In valuing property for persons of low and moderate income that is financed under Section 236 or Section 515 of the federal National Housing Act, since federal restrictions accompanying these programs substantially affect actual income and expenses of the property owner, the assessor shall not consider as income any interest subsidy payments made to a lender on that property by the federal government.

History.—Added by Stats. 1978, Ch. 737, in effect January 1, 1979. Stats. 1999, Ch. 941 (SB 1231), in effect January 1, 2000, substituted "that" for ", which" after "moderate income", added "or Section 515" after "Section 236", substituted "these" for "such" after "restrictions accompanying", and substituted "that" for "such" after "a lender on" in the first sentence.