Town Square Limited Partnership v. Clay County Board of Equalization

KONENKAMP, Justice.

[¶ 1.] In this property tax appeal, we address the valuation of an apartment building operating under the Federal Low Income Housing Tax Credit (LIHTC) program. The question is whether the “true and full value” of this low-income housing property must be calculated using market rent rates or whether the actual reduced rents should be used, and if the latter, whether the tax credits should also be included in the valuation. We conclude that both the restricted rents and the tax credits must be considered when assessing the property. Because these components were not…