New Ohio Law Should Lower Real Estate Taxes for LIHTC Projects
By A.J. Johnson
Owners of low-income housing tax credit properties in Ohio may soon be paying less in property taxes for their properties due to a law signed by the Governor of Ohio, John Kasich, on December 20, 2012.The law, H.B. 510, requires that tax assessors consider encumbrances to a property when determining its valuation for tax purposes. This means that assessments for LIHTC properties in Ohio should take into consideration the rent restrictions required by the Section 42 program, thus lowering the value of the property. This should result in lower taxes for LIHTC properties in Ohio.
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