Tenn. Comp. R. & Regs. 0600-10-.05 - DETERMINING VALUE FOR SECTION 1602 AFFORDABLE HOUSING
(1) The taxable value of § 1602
affordable housing property shall be calculated by the income approach value
resulting from using actual rents paid or payable by needy tenants plus the
forgivable loan income attributed to the property for the year at issue.
Additional income approach factors for vacancy, collection loss, expenses,
reserves, and capitalization rates shall be based on those typically
experienced by comparable properties in the area in which the property is
located or economically comparable areas.
(2) The forgivable loan income attributed to
the property shall be the amount of loan principal forgiven for the year at
issue.
Notes
Authority: T.C.A. §§ 4-3-5103 and 67-1-305.
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