Rules & Regulations of the State of Tennessee
Title 0600 - Board of Equalization
Chapter 0600-10 - Subsidized Affordable Housing
Section 0600-10-.05 - DETERMINING VALUE FOR SECTION 1602 AFFORDABLE HOUSING

Universal Citation: TN Comp Rules and Regs 0600-10-.05

Current through April 3, 2024

(1) The taxable value of § 1602 affordable housing property shall be calculated by the income approach value resulting from using actual rents paid or payable by needy tenants plus the forgivable loan income attributed to the property for the year at issue. Additional income approach factors for vacancy, collection loss, expenses, reserves, and capitalization rates shall be based on those typically experienced by comparable properties in the area in which the property is located or economically comparable areas.

(2) The forgivable loan income attributed to the property shall be the amount of loan principal forgiven for the year at issue.

Authority: T.C.A. §§ 4-3-5103 and 67-1-305.

Disclaimer: These regulations may not be the most recent version. Tennessee may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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