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Georgia Supreme Court Rules LIHTCs are Not ‘Actual Income’ in Assessing Value

Monday, September 23, 2019 - 11:45AM

The Georgia state Supreme Court issued a ruling today reversing a lower-court decision and ruling that low-income housing tax credits (LIHTCs) are not “actual income” while valuing properties for property taxes. In Heron Lake II Apartments, LP et al. v. Lowndes County Board of Tax Assessors, the court concluded that LIHTCs do not constitute “actual income” and highlighted that tax assessors are not limited to using the sales comparison or income approaches to determine the fair market value of LIHTC properties.

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