The North Dakota State Attorney General, Birch P. Burdick, issued an opinion letter regarding the usage of rent restrictions or tax credits in the valuation of LIHTC properties. In the letter, Mr. Burdick determines that taxing authorities may consider the effect, if any, of the tax credits and rent restrictions on a property’s value when assessing a property built using LIHTCs, along with other evidence relevant to determine the true and full value of the property. He also states that the amount of weight a taxing authority gives to the tax credits and rent restrictions will depend on the particular circumstances and facts relevant to the property being considered.
Click here to read the letter.
