Maples v. Kern County Assessment Appeals Board

Opinion

LEVY, J.

This appeal concerns the property tax assessment of low-income housing developed and operated by appellant, Lake Isabella Enterprises n, LP (Lake Isabella), under section 515 of the National Housing Act of 1949. Such housing is subject to various restrictions, including a maximum return on equity. However, the financing is federally subsidized. The government provides credits that result in a 1 percent effective mortgage interest rate.

At issue here is the proper method of determining the value of this restricted property. Respondent, James W. Maples, Assessor/Recorder, County…