Georgia Low-Income Properties Allowed Valuation Method (1)

Projects funded by federal low-income housing tax credits can be assessed based on their income for property tax purposes, the Georgia Supreme Court held Tuesday.

Tax credits can’t be considered under the income assessment approach—unless they actually generate income—but the property itself can still be valued under the income approach, Justice Verda M. Colvin wrote for the court.

The decision is a win for property owner Gateway Pines Hahira LP, which argued that the income approach is still allowed despite a state law excluding tax credits that don’t generate income from the calculation.

The lower court of appeals misconstrued Official ...