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The Kentucky Board of Tax Appeals recently ruled that an appraiser valuing a LIHTC site must consider the rental restrictions placed on the site. The board considered the assessed value of a 20-unit site subject to the federal LIHTC income and rent restrictions. The county’s valuation administrator assessed the site at $1.34 million for the 2014 tax year. The Board of Assessment Appeals lowered this assessment to $1,040,000, and the valuation administrator assessed the complex at $1,040,000 for the 2015 tax year.
