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California Board Releases Draft Guidelines for Valuation of LIHTC Properties

Friday, August 8, 2003 - 1:45AM

In late June, the California State Board of Equalization (BOE) released draft guidelines for the valuation of properties financed with low-income housing tax credits (LIHTC) for review by interested parties. Proposed changes were accepted through July 21 and the BOE will hold a meeting to discuss the proposed changes to the draft at 9:30 a.m. August 19, 2003, at 450 N Street, Sacramento, Room 122. The board released a matrix that summarizes the proposed changes, with the BOE staff’s responses to them, which will serve as the basis for discussion at the meeting. If agreement regarding final guidelines text cannot be reached at the August 19th meeting, unresolved issues will be taken to the Property Tax Committee on September 24, 2003, for resolution.
The valuation of LIHTC properties has been raised as an ongoing issue in many states recently and California property tax matters often have significant impact on the rest of the nation.

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