Virginia AG Releases Opinion on Assessment of Affordable Housing Property for Real Estate Taxation

The Virginia Attorney General (AG) Oct. 26 released an advisory opinion on property tax assessment of real property that was operated in whole or in part as an affordable rental property. The opinion discusses whether assessors comply with the state law by reviewing only the property’s income and expenses statement. The opinion also discusses assessments of affordable housing property in accordance with generally accepted appraisal practices, procedures, rules, and standards prescribed by nationally recognized professional appraisal organizations (GAAP). The AG noted: 1) assessors need to thoroughly evaluate the real operating expenses of affordable housing properties, including additional costs, instead of ...