Environmental & Healthcare Legislative Watch50 States · D.C. · U.S. Congress
From official state and federal legislative records. Informational only, not legal advice.
Now law
This is now an official law, recorded in the state's law books.
The governor signed it. Nothing left to watch.
In plain words
AI summaryWritten by AI from the bill text. Check the official text before relying on it.
Fiscal Summary OTHER FISCAL IMPACT The amount of total recurring foregone local revenue beginning in FY26-27 cannot be quantified with certainty but is reasonably estimated to exceed $100,000. Bill Summary CAPITALIZATION RATE FOR MULTI-UNIT RENTAL HOUSING For residential property and projects developed on or after January 1, 2026, this bill requires multi-unit rental housing that is subject to government restriction on use to be assessed in a manner that is consistent with all of the following methods: Applying an annual net operating income approach to value that uses actual income and stabilized operating expenses that are based on the actual history of the property, when available, and a capitalization rate. Using a methodology to project income, expenses, and a capitalization rate that is consistent with the Uniform Standards of Professional Appraisal Practice. Adjusting the unrestricted market value of the multi-unit rental housing, computed without regard to a government restriction on use applicable to the multi-unit rental housing, based on the ratio of the average annual rent of those units of the property that are subject to government restriction on use to the average annual rent of comparable multi-unit rental housing that is not subject to government restriction on use. Excluding the amount of low-income housing tax credits received under federal law, or from a state or federal program in determining the value attributable to the multi-unit rental housing. As used in this provision, "low-income" means earning at or below 80% of the area median income as defined by the United States department of housing and urban development for the location of the multi-unit rental housing. As used in this bill, "multi-unit rental housing" means residential property or a project consisting of four or more
