{"formats":[{"name":"JSON","format":"json","url":"\/downloads\/2025\/code-json\/58.1-3295.json"},{"name":"Plain Text","format":"text","url":"\/downloads\/2025\/code-text\/58.1-3295.txt"},{"name":"XML","format":"xml","url":"\/downloads\/2025\/code-xml\/58.1-3295.xml"},{"name":"HTML","format":"html","url":"\/downloads\/2025\/code-html\/58.1-3295.html"}],"law_id":72326,"edition_id":1,"section_id":72326,"structure_id":13051,"section_number":"58.1-3295","catch_line":"Assessment of real property; affordable rental housing","history":"2006, c. 688; 2009, c. 264; 2010, cc. 552, 791, 824; 2011, c. 137; 2013, c. 249; 2022, c. 624; 2025, c. 456.","full_text":"A\n\nNotwithstanding any other provision of law, in determining the fair market value of real property operated in whole or in part as affordable rental housing, in accordance with the provisions of 12 U.S.C. \u00a7 1701q, 26 U.S.C. \u00a7 42, 26 U.S.C. \u00a7 142(d), 42 U.S.C. \u00a7 1485, 42 U.S.C. \u00a7 1437f as it applies to programs providing project-based assistance as defined in subsection (f)(6) of such section, 24 C.F.R. \u00a7 983, 24 C.F.R. \u00a7 236, 24 C.F.R. \u00a7 241(f), 24 C.F.R. \u00a7 221(d)(3), \u00a7 8 of the Housing Act of 1937, \u00a7\u00a7 515 and 538 of the Housing Act of 1949, \u00a7 202 of the Housing Act of 1959, the federal Rental Assistance Demonstration program established under the Consolidated and Further Continuing Appropriations Act, 2012 (P.L. 112-55), or any successors thereto, the duly authorized real estate assessor shall consider:1\n\nThe contract rent and the impact of applicable rent restrictions;2\n\nRestrictions on the transfer of title or other restraints on alienation of the real property; and3\n\nThe actual operating expenses and expenditures and the impact of any such additional expenses or expenditures. If an owner has two or more units of real property that (i) are operated in whole or in part as affordable rental housing and (ii) are controlled by a single restrictive use agreement regulating income and rent restrictions, and the owner has expenses and expenditures common to two or more such units, and such expenses and expenditures cannot practicably be attributed to a particular unit, then the owner has a right to have the assessor make a pro rata apportionment of such expenses and expenditures to each such unit based on each unit’s assessed value as a percentage of the total assessed value of all such units. The provisions of this subdivision apply whether or not the units are in one tax parcel or multiple tax parcels.\n\t\t\t\tAffordable rental housing that is not assessed with the income approach shall be reassessed in accordance with subsection E when it generates income.B\n\nThe owner of real property that is operated in whole or in part as affordable rental housing in accordance with the definition of affordable rental housing established by ordinance or resolution of the locality in which the real property is located may make an application to the locality to have the real property assessed pursuant to this section. Notwithstanding the exception in § 58.1-3294 for an owner of four or fewer residential units, upon application by such an owner, the duly authorized real estate assessor may require the owner to furnish to such assessor, board, or department statements of the income and expenses attributable over a specified period of time to each such parcel of real estate in the manner required by § 58.1-3294 and to comply with all provisions of § 58.1-3294 applicable to properties with more than four rental dwelling units. The application shall be granted by the locality if (i) the owner charges rents at levels that meet the locality’s definition of affordable rental housing and (ii) the real property does not have any pending building code violations at the time of the application.\n\t\t\tThe duly authorized real estate assessor shall also consider evidence presented by the property owner of other restrictions imposed by law that impact the variables set forth in this subsection.C\n\nFederal or state income tax credits with respect to affordable rental housing property within the purview of subsection A shall not be considered real property or income attributable to real property.D\n\nFor property where only a portion of the units are operated as affordable rental housing, as defined in § 42 of the Internal Revenue Code or as required by state law or applicable local ordinance, only the portion determined to be affordable rental housing shall be subject to this section.E\n\nNotwithstanding any other provision in this section or other law, affordable rental housing that is generating income and operated in accordance with the provisions of federal law enumerated in subsection A, shall be assessed using the income approach as set forth in subsection A based on: the property’s current use, contract rent, income restrictions, provisions of any arm’s-length contract including restrictions on the transfer of title or other restraints on alienation of the real property, and actual operating expense and capitalization rate data from comparable affordable housing. If such information is not provided by the property owner in accordance with § 58.1-3294 or is not available on relevant commercial or governmental databases, the property may be assessed in accordance with subsection A.F\n\nThe Department shall develop a uniform income and expense reporting form that may be provided by duly authorized assessors and completed by the owners of affordable rental housing properties prior to assessment of such affordable rental housing properties. Such owner’s completion and submittal to the assessor of the uniform income and expense reporting form developed in accordance with this section or such owner’s submittal of full and accurate financial data provided in response to such form shall be presumed to comply with the requirements of § 58.1-3294.","order_by":null,"text":{"0":{"id":260533,"text":"Notwithstanding any other provision of law, in determining the fair market value of real property operated in whole or in part as affordable rental housing, in accordance with the provisions of 12 U.S.C. \u00a7 1701q, 26 U.S.C. \u00a7 42, 26 U.S.C. \u00a7 142(d), 42 U.S.C. \u00a7 1485, 42 U.S.C. \u00a7 1437f as it applies to programs providing project-based assistance as defined in subsection (f)(6) of such section, 24 C.F.R. \u00a7 983, 24 C.F.R. \u00a7 236, 24 C.F.R. \u00a7 241(f), 24 C.F.R. \u00a7 221(d)(3), \u00a7 8 of the Housing Act of 1937, \u00a7\u00a7 515 and 538 of the Housing Act of 1949, \u00a7 202 of the Housing Act of 1959, the federal Rental Assistance Demonstration program established under the Consolidated and Further Continuing Appropriations Act, 2012 (P.L. 112-55), or any successors thereto, the duly authorized real estate assessor shall consider:","type":"section","prefixes":["A"],"prefix":"A","entire_prefix":"A","prefix_anchor":"A","level":1,"next_prefix":"A1"},"1":{"id":260534,"text":"The contract rent and the impact of applicable rent restrictions;","type":"section","prefixes":["A","1"],"prefix":"1","entire_prefix":"A1","prefix_anchor":"A1","level":2,"prior_prefix":"A","next_prefix":"A2"},"2":{"id":260535,"text":"Restrictions on the transfer of title or other restraints on alienation of the real property; and","type":"section","prefixes":["A","2"],"prefix":"2","entire_prefix":"A2","prefix_anchor":"A2","level":2,"prior_prefix":"A1","next_prefix":"A3"},"3":{"id":260536,"text":"The actual operating expenses and expenditures and the impact of any such additional expenses or expenditures. If an owner has two or more units of real property that (i) are operated in whole or in part as affordable rental housing and (ii) are controlled by a single restrictive use agreement regulating income and rent restrictions, and the owner has expenses and expenditures common to two or more such units, and such expenses and expenditures cannot practicably be attributed to a particular unit, then the owner has a right to have the assessor make a pro rata apportionment of such expenses and expenditures to each such unit based on each unit’s assessed value as a percentage of the total assessed value of all such units. The provisions of this subdivision apply whether or not the units are in one tax parcel or multiple tax parcels.\n\t\t\t\tAffordable rental housing that is not assessed with the income approach shall be reassessed in accordance with subsection E when it generates income.","type":"section","prefixes":["A","3"],"prefix":"3","entire_prefix":"A3","prefix_anchor":"A3","level":2,"prior_prefix":"A2","next_prefix":"B"},"4":{"id":260537,"text":"The owner of real property that is operated in whole or in part as affordable rental housing in accordance with the definition of affordable rental housing established by ordinance or resolution of the locality in which the real property is located may make an application to the locality to have the real property assessed pursuant to this section. Notwithstanding the exception in § 58.1-3294 for an owner of four or fewer residential units, upon application by such an owner, the duly authorized real estate assessor may require the owner to furnish to such assessor, board, or department statements of the income and expenses attributable over a specified period of time to each such parcel of real estate in the manner required by § 58.1-3294 and to comply with all provisions of § 58.1-3294 applicable to properties with more than four rental dwelling units. The application shall be granted by the locality if (i) the owner charges rents at levels that meet the locality’s definition of affordable rental housing and (ii) the real property does not have any pending building code violations at the time of the application.\n\t\t\tThe duly authorized real estate assessor shall also consider evidence presented by the property owner of other restrictions imposed by law that impact the variables set forth in this subsection.","type":"section","prefixes":["B"],"prefix":"B","entire_prefix":"B","prefix_anchor":"B","level":1,"prior_prefix":"A3","next_prefix":"C"},"5":{"id":260538,"text":"Federal or state income tax credits with respect to affordable rental housing property within the purview of subsection A shall not be considered real property or income attributable to real property.","type":"section","prefixes":["C"],"prefix":"C","entire_prefix":"C","prefix_anchor":"C","level":1,"prior_prefix":"B","next_prefix":"D"},"6":{"id":260539,"text":"For property where only a portion of the units are operated as affordable rental housing, as defined in § 42 of the Internal Revenue Code or as required by state law or applicable local ordinance, only the portion determined to be affordable rental housing shall be subject to this section.","type":"section","prefixes":["D"],"prefix":"D","entire_prefix":"D","prefix_anchor":"D","level":1,"prior_prefix":"C","next_prefix":"E"},"7":{"id":260540,"text":"Notwithstanding any other provision in this section or other law, affordable rental housing that is generating income and operated in accordance with the provisions of federal law enumerated in subsection A, shall be assessed using the income approach as set forth in subsection A based on: the property’s current use, contract rent, income restrictions, provisions of any arm’s-length contract including restrictions on the transfer of title or other restraints on alienation of the real property, and actual operating expense and capitalization rate data from comparable affordable housing. If such information is not provided by the property owner in accordance with § 58.1-3294 or is not available on relevant commercial or governmental databases, the property may be assessed in accordance with subsection A.","type":"section","prefixes":["E"],"prefix":"E","entire_prefix":"E","prefix_anchor":"E","level":1,"prior_prefix":"D","next_prefix":"F"},"8":{"id":260541,"text":"The Department shall develop a uniform income and expense reporting form that may be provided by duly authorized assessors and completed by the owners of affordable rental housing properties prior to assessment of such affordable rental housing properties. Such owner’s completion and submittal to the assessor of the uniform income and expense reporting form developed in accordance with this section or such owner’s submittal of full and accurate financial data provided in response to such form shall be presumed to comply with the requirements of § 58.1-3294.","type":"section","prefixes":["F"],"prefix":"F","entire_prefix":"F","prefix_anchor":"F","level":1,"prior_prefix":"E"}},"ancestry":[{"id":13051,"edition_id":1,"name":"Reassessment\/Assessment (Valuation) Procedure and Practice","identifier":"7","label":"article","depth":4,"order_by":1,"parent_id":12997,"metadata":{},"date_created":"2026-06-26 03:44:11","date_modified":"2026-06-26 03:44:11","permalink":{"id":257529,"object_type":"structure","relational_id":13051,"identifier":"7","token":"58.1\/III\/32\/7","url":"\/58.1\/III\/32\/7\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12997,"edition_id":1,"name":"Real Property Tax","identifier":"32","label":"chapter","depth":3,"order_by":1,"parent_id":12704,"metadata":{},"date_created":"2026-06-26 03:44:07","date_modified":"2026-06-26 03:44:07","permalink":{"id":256887,"object_type":"structure","relational_id":12997,"identifier":"32","token":"58.1\/III\/32","url":"\/58.1\/III\/32\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12704,"edition_id":1,"name":"Local Taxes","identifier":"III","label":"subtitle","depth":2,"order_by":1,"parent_id":12703,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":256459,"object_type":"structure","relational_id":12704,"identifier":"III","token":"58.1\/III","url":"\/58.1\/III\/","edition_id":1,"permalink":0,"preferred":1}},{"id":12703,"edition_id":1,"name":"Taxation","identifier":"58.1","label":"title","depth":1,"order_by":1,"parent_id":null,"metadata":{},"date_created":"2026-06-26 03:43:49","date_modified":"2026-06-26 03:43:49","permalink":{"id":251959,"object_type":"structure","relational_id":12703,"identifier":"58.1","token":"58.1","url":"\/58.1\/","edition_id":1,"permalink":0,"preferred":1}}],"structure_contents":[{"id":58961,"structure_id":13051,"section_number":"58.1-3280","catch_line":"Assessment of values","url":"\/58.1-3280\/","token":"58.1\/III\/32\/7\/58.1-3280","metadata":false},{"id":81867,"structure_id":13051,"section_number":"58.1-3281","catch_line":"When commissioner of the revenue to ascertain ownership of real estate; tax year","url":"\/58.1-3281\/","token":"58.1\/III\/32\/7\/58.1-3281","metadata":false},{"id":87328,"structure_id":13051,"section_number":"58.1-3282","catch_line":"When land and improvements owned separately; how assessed","url":"\/58.1-3282\/","token":"58.1\/III\/32\/7\/58.1-3282","metadata":false},{"id":76299,"structure_id":13051,"section_number":"58.1-3283","catch_line":"Assessment of airspace owned separately from subjacent land surface","url":"\/58.1-3283\/","token":"58.1\/III\/32\/7\/58.1-3283","metadata":false},{"id":87364,"structure_id":13051,"section_number":"58.1-3284","catch_line":"Assessment of standing timber trees owned by person who owns land surface; when owned separately","url":"\/58.1-3284\/","token":"58.1\/III\/32\/7\/58.1-3284","metadata":false},{"id":62439,"structure_id":13051,"section_number":"58.1-3284.1","catch_line":"Assessment of lots and open spaces in certain planned development subdivisions","url":"\/58.1-3284.1\/","token":"58.1\/III\/32\/7\/58.1-3284.1","metadata":false},{"id":86138,"structure_id":13051,"section_number":"58.1-3284.2","catch_line":"Reassessment of residential property containing defective drywall","url":"\/58.1-3284.2\/","token":"58.1\/III\/32\/7\/58.1-3284.2","metadata":false},{"id":70860,"structure_id":13051,"section_number":"58.1-3284.3","catch_line":"Wetlands to be specially and separately assessed","url":"\/58.1-3284.3\/","token":"58.1\/III\/32\/7\/58.1-3284.3","metadata":false},{"id":65894,"structure_id":13051,"section_number":"58.1-3285","catch_line":"Assessment and reassessment of lots when subdivided or rezoned","url":"\/58.1-3285\/","token":"58.1\/III\/32\/7\/58.1-3285","metadata":false},{"id":56861,"structure_id":13051,"section_number":"58.1-3286","catch_line":"Mineral lands to be specially and separately assessed; severance tax","url":"\/58.1-3286\/","token":"58.1\/III\/32\/7\/58.1-3286","metadata":false},{"id":55946,"structure_id":13051,"section_number":"58.1-3287","catch_line":"Mineral lands and minerals to be included in general reassessment of real estate","url":"\/58.1-3287\/","token":"58.1\/III\/32\/7\/58.1-3287","metadata":false},{"id":81904,"structure_id":13051,"section_number":"58.1-3288","catch_line":"Assessment in name of \"unknown owner.\"","url":"\/58.1-3288\/","token":"58.1\/III\/32\/7\/58.1-3288","metadata":false},{"id":85884,"structure_id":13051,"section_number":"58.1-3289","catch_line":"Reserved","url":"\/58.1-3289\/","token":"58.1\/III\/32\/7\/58.1-3289","metadata":false},{"id":63787,"structure_id":13051,"section_number":"58.1-3290","catch_line":"How land divided among several owners to be assessed","url":"\/58.1-3290\/","token":"58.1\/III\/32\/7\/58.1-3290","metadata":false},{"id":55418,"structure_id":13051,"section_number":"58.1-3291","catch_line":"Valuation of repairs, additions and new buildings","url":"\/58.1-3291\/","token":"58.1\/III\/32\/7\/58.1-3291","metadata":false},{"id":54109,"structure_id":13051,"section_number":"58.1-3292","catch_line":"Assessment of new buildings substantially completed, etc.; extension of time for paying assessment","url":"\/58.1-3292\/","token":"58.1\/III\/32\/7\/58.1-3292","metadata":false},{"id":80769,"structure_id":13051,"section_number":"58.1-3292.1","catch_line":"Assessment of new buildings substantially completed in a county operating under the urban county executive form of government, and in certain other cities and counties; extension of time for paying assessment","url":"\/58.1-3292.1\/","token":"58.1\/III\/32\/7\/58.1-3292.1","metadata":false},{"id":81177,"structure_id":13051,"section_number":"58.1-3293","catch_line":"Building, etc., when damaged or destroyed, value to be reduced","url":"\/58.1-3293\/","token":"58.1\/III\/32\/7\/58.1-3293","metadata":false},{"id":80388,"structure_id":13051,"section_number":"58.1-3294","catch_line":"Reports of income data by owners of income-producing realty; certification; confidentiality","url":"\/58.1-3294\/","token":"58.1\/III\/32\/7\/58.1-3294","metadata":false},{"id":72326,"structure_id":13051,"section_number":"58.1-3295","catch_line":"Assessment of real property; affordable rental housing","url":"\/58.1-3295\/","token":"58.1\/III\/32\/7\/58.1-3295","metadata":false},{"id":82588,"structure_id":13051,"section_number":"58.1-3295.1","catch_line":"Assessment of real property; residential rental apartments","url":"\/58.1-3295.1\/","token":"58.1\/III\/32\/7\/58.1-3295.1","metadata":false},{"id":60915,"structure_id":13051,"section_number":"58.1-3295.2","catch_line":"Assessment or exemption of certain real property conveyed or owned by a community land trust","url":"\/58.1-3295.2\/","token":"58.1\/III\/32\/7\/58.1-3295.2","metadata":false},{"id":63091,"structure_id":13051,"section_number":"58.1-3295.3","catch_line":"Assessment of real property; data centers","url":"\/58.1-3295.3\/","token":"58.1\/III\/32\/7\/58.1-3295.3","metadata":false}],"previous_section":{"id":80388,"structure_id":13051,"section_number":"58.1-3294","catch_line":"Reports of income data by owners of income-producing realty; certification; confidentiality","url":"\/58.1-3294\/","token":"58.1\/III\/32\/7\/58.1-3294","metadata":false},"next_section":{"id":82588,"structure_id":13051,"section_number":"58.1-3295.1","catch_line":"Assessment of real property; residential rental apartments","url":"\/58.1-3295.1\/","token":"58.1\/III\/32\/7\/58.1-3295.1","metadata":false},"metadata":false,"official_url":"https:\/\/law.lis.virginia.gov\/vacode\/58.1-3295\/","history_text":"

This law was first created in 2006. The record of its establishment is cataloged in chapter 688<\/a> of that year\u2019s edition of \u201cActs of Assembly,\u201d the annual state publication listing all changes made to the Code of Virginia in that year. It has been modified 6 times. Those modifications are cataloged by \u201cThe Acts of Assembly,\u201d a state publication, by year and chapter. Those modifications that can be read on the General Assembly\u2019s website will be linked accordingly. Those modifications are as follows: in 2009, chapter 264<\/a>; in 2010, chapters 552<\/a>, 791<\/a>, and 824<\/a>; in 2011, chapter 137<\/a>; in 2013, chapter 249<\/a>; in 2022, chapter 624<\/a>; in 2025, chapter 456<\/a>.<\/p>","references":[{"id":64765,"section_number":"58.1-3258.1","catch_line":"Certification of supervisors, assessors and appraisers contracted by a locality to perform assessments","order_by":null,"url":"\/58.1-3258.1\/"}],"refers_to":[{"id":80388,"section_number":"58.1-3294","catch_line":"Reports of income data by owners of income-producing realty; certification; confidentiality","order_by":null,"url":"\/58.1-3294\/"}],"permalink":{"id":257607,"object_type":"law","relational_id":72326,"identifier":"58.1-3295","token":"58.1\/III\/32\/7\/58.1-3295","url":"\/58.1-3295\/","edition_id":1,"permalink":0,"preferred":1},"url":"\/58.1-3295\/","token":"58.1\/III\/32\/7\/58.1-3295","dublin_core":{"Title":"Assessment of real property; affordable rental housing","Type":"Text","Format":"text\/html","Identifier":"\u00a7 58.1-3295","Relation":"Code of Virginia"},"html":"\n\t\t\t\t\t\t

A.<\/span> Notwithstanding any other provision of law<\/span>, in determining the fair market value of real property operated in whole or in part as affordable rental housing, in accordance with the provisions of 12 U.S.C. \u00a7 1701q, 26 U.S.C. \u00a7 42, 26 U.S.C. \u00a7 142(d), 42 U.S.C. \u00a7 1485, 42 U.S.C. \u00a7 1437f as it applies to programs providing project-based assistance as defined in subsection (f)(6) of such section, 24 C.F.R. \u00a7 983, 24 C.F.R. \u00a7 236, 24 C.F.R. \u00a7 241(f), 24 C.F.R. \u00a7 221(d)(3), \u00a7 8 of the Housing Act of 1937, \u00a7\u00a7 515 and 538 of the Housing Act of 1949, \u00a7 202 of the Housing Act of 1959, the federal Rental Assistance Demonstration program established under the Consolidated and Further Continuing Appropriations Act, 2012 (P.L. 112-55), or any successors thereto, the duly authorized real estate assessor shall consider: <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

1.<\/span> The contract<\/span> rent and the impact of applicable rent restrictions; <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

2.<\/span> Restrictions on the transfer of title or other restraints on alienation of the real property; and <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

3.<\/span> The actual operating expenses and expenditures and the impact of any such additional expenses or expenditures. If an owner has two or more units of real property that (i) are operated in whole or in part as affordable rental housing and (ii) are controlled by a single restrictive use agreement regulating income and rent restrictions, and the owner has expenses and expenditures common to two or more such units, and such expenses and expenditures cannot practicably be attributed to a particular unit, then the owner has a right to have the assessor make a pro rata apportionment of such expenses and expenditures to each such unit based on each unit’s assessed value as a percentage of the total assessed value of all such units. The provisions of this subdivision apply whether or not the units are in one tax parcel or multiple tax parcels.\n\t\t\t\tAffordable rental housing that is not assessed with the income approach shall be reassessed in accordance with subsection E when it generates income. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

B.<\/span> The owner of real property that is operated in whole or in part as affordable rental housing in accordance with the definition of affordable rental housing established by ordinance<\/span> or resolution of the locality in which the real property is located may make an application to the locality to have the real property assessed pursuant to this section. Notwithstanding the exception in § 58.1-3294<\/a> for an owner of four or fewer residential units, upon application by such an owner, the duly authorized real estate assessor may require the owner to furnish to such assessor, board, or department<\/span> statements of the income and expenses attributable over a specified period of time to each such parcel of real estate in the manner required by § 58.1-3294<\/a> and to comply with all provisions of § 58.1-3294<\/a> applicable to properties with more than four rental dwelling units. The application shall be granted by the locality if (i) the owner charges rents at levels that meet the locality’s definition of affordable rental housing and (ii) the real property does not have any pending building code violations at the time of the application.\n\t\t\tThe duly authorized real estate assessor shall also consider evidence<\/span> presented by the property owner of other restrictions imposed by law<\/span> that impact the variables set forth in this subsection. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

C.<\/span> Federal or state income tax credits with respect to affordable rental housing property within the purview of subsection A shall not be considered real property or income attributable to real property. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

D.<\/span> For property where only a portion of the units are operated as affordable rental housing, as defined in § 42 of the Internal Revenue Code or as required by state law<\/span> or applicable local ordinance<\/span>, only the portion determined to be affordable rental housing shall be subject to this section. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

E.<\/span> Notwithstanding any other provision in this section or other law<\/span>, affordable rental housing that is generating income and operated in accordance with the provisions of federal law<\/span> enumerated in subsection A, shall be assessed using the income approach as set forth in subsection A based on: the property’s current use, contract<\/span> rent, income restrictions, provisions of any arm’s-length contract<\/span> including restrictions on the transfer of title or other restraints on alienation of the real property, and actual operating expense and capitalization rate data from comparable affordable housing. If such information is not provided by the property owner in accordance with § 58.1-3294<\/a> or is not available on relevant commercial or governmental databases, the property may be assessed in accordance with subsection A. <\/i><\/a><\/p><\/section>\n\t\t\t\t\t\t

F.<\/span> The Department<\/span> shall develop a uniform income and expense reporting form that may be provided by duly authorized assessors and completed by the owners of affordable rental housing properties prior to assessment of such affordable rental housing properties. Such owner’s completion and submittal to the assessor of the uniform income and expense reporting form developed in accordance with this section or such owner’s submittal of full and accurate financial data provided in response to such form shall be presumed to comply with the requirements of § 58.1-3294<\/a>. <\/i><\/a><\/p><\/section>","plain_text":" CODE OF VIRGINIA\n\nASSESSMENT OF REAL PROPERTY; AFFORDABLE RENTAL HOUSING (\u00a7 58.1-3295)\n\nA. Notwithstanding any other provision of law, in determining the fair market\nvalue of real property operated in whole or in part as affordable rental\nhousing, in accordance with the provisions of 12 U.S.C. \u00a7 1701q, 26 U.S.C. \u00a7\n42, 26 U.S.C. \u00a7 142(d), 42 U.S.C. \u00a7 1485, 42 U.S.C. \u00a7 1437f as it applies to\nprograms providing project-based assistance as defined in subsection (f)(6) of\nsuch section, 24 C.F.R. \u00a7 983, 24 C.F.R. \u00a7 236, 24 C.F.R. \u00a7 241(f), 24 C.F.R.\n\u00a7 221(d)(3), \u00a7 8 of the Housing Act of 1937, \u00a7\u00a7 515 and 538 of the Housing\nAct of 1949, \u00a7 202 of the Housing Act of 1959, the federal Rental Assistance\nDemonstration program established under the Consolidated and Further Continuing\nAppropriations Act, 2012 (P.L. 112-55), or any successors thereto, the duly\nauthorized real estate assessor shall consider:\n\n 1. The contract rent and the impact of applicable rent restrictions;\n\n 2. Restrictions on the transfer of title or other restraints on alienation of\n the real property; and\n\n 3. The actual operating expenses and expenditures and the impact of any such\n additional expenses or expenditures. If an owner has two or more units of real\n property that (i) are operated in whole or in part as affordable rental\n housing and (ii) are controlled by a single restrictive use agreement\n regulating income and rent restrictions, and the owner has expenses and\n expenditures common to two or more such units, and such expenses and\n expenditures cannot practicably be attributed to a particular unit, then the\n owner has a right to have the assessor make a pro rata apportionment of such\n expenses and expenditures to each such unit based on each unit’s\n assessed value as a percentage of the total assessed value of all such units.\n The provisions of this subdivision apply whether or not the units are in one\n tax parcel or multiple tax parcels.\n \t\t\t\tAffordable rental housing that is not assessed with the income approach\n shall be reassessed in accordance with subsection E when it generates income.\n\nB. The owner of real property that is operated in whole or in part as affordable\nrental housing in accordance with the definition of affordable rental housing\nestablished by ordinance or resolution of the locality in which the real\nproperty is located may make an application to the locality to have the real\nproperty assessed pursuant to this section. Notwithstanding the exception in\n§ 58.1-3294 for an owner of four or fewer residential units, upon\napplication by such an owner, the duly authorized real estate assessor may\nrequire the owner to furnish to such assessor, board, or department statements\nof the income and expenses attributable over a specified period of time to each\nsuch parcel of real estate in the manner required by § 58.1-3294 and to\ncomply with all provisions of § 58.1-3294 applicable to properties with\nmore than four rental dwelling units. The application shall be granted by the\nlocality if (i) the owner charges rents at levels that meet the locality’s\ndefinition of affordable rental housing and (ii) the real property does not have\nany pending building code violations at the time of the application.\n\t\t\tThe duly authorized real estate assessor shall also consider evidence\npresented by the property owner of other restrictions imposed by law that impact\nthe variables set forth in this subsection.\n\nC. Federal or state income tax credits with respect to affordable rental housing\nproperty within the purview of subsection A shall not be considered real\nproperty or income attributable to real property.\n\nD. For property where only a portion of the units are operated as affordable\nrental housing, as defined in § 42 of the Internal Revenue Code or as\nrequired by state law or applicable local ordinance, only the portion determined\nto be affordable rental housing shall be subject to this section.\n\nE. Notwithstanding any other provision in this section or other law, affordable\nrental housing that is generating income and operated in accordance with the\nprovisions of federal law enumerated in subsection A, shall be assessed using\nthe income approach as set forth in subsection A based on: the property’s\ncurrent use, contract rent, income restrictions, provisions of any\narm’s-length contract including restrictions on the transfer of title or\nother restraints on alienation of the real property, and actual operating\nexpense and capitalization rate data from comparable affordable housing. If such\ninformation is not provided by the property owner in accordance with §\n58.1-3294 or is not available on relevant commercial or governmental databases,\nthe property may be assessed in accordance with subsection A.\n\nF. The Department shall develop a uniform income and expense reporting form that\nmay be provided by duly authorized assessors and completed by the owners of\naffordable rental housing properties prior to assessment of such affordable\nrental housing properties. Such owner’s completion and submittal to the\nassessor of the uniform income and expense reporting form developed in\naccordance with this section or such owner’s submittal of full and\naccurate financial data provided in response to such form shall be presumed to\ncomply with the requirements of § 58.1-3294.\n\nHISTORY: 2006, c. 688; 2009, c. 264; 2010, cc. 552, 791, 824; 2011, c. 137;\n2013, c. 249; 2022, c. 624; 2025, c. 456.","edition":{"id":1,"name":"2025","slug":"2025","date_created":"2026-06-21 22:39:22","date_modified":"2026-06-21 22:39:22","current":1,"order_by":1,"last_import":null}}