HB 223/FN (BR 1174) - R. Crimm
AN ACT relating to the levy and assessment of property taxes.
Create a new section of KRS Chapter 132 to require property valuation administrators to use the income approach to value when assessing United States Department of Agriculture Section 515 low-income, subsidized housing for taxation; require certain items to be included or excluded in computing gross or net income; authorize the Revenue Cabinet to implement the section by promulgating administrative regulations; amend KRS 132.010 to define "Section 515 housing"; apply assessment methods to tax assessments made on or after January 1, 2001.
(Prefiled by the sponsor(s))
Jan 4-introduced in House; to Appropriations and Revenue (H)