(a) Housing owned and operated by a nonprofit corporation or association for occupancy or use by elderly or handicapped persons, the construction of which is financed by the United States of America, shall be valued, for purposes of assessment, on the basis of the equity owned in the housing by the nonprofit corporation or association.
(b) As used in this section, unless the context otherwise requires:
(1) "Elderly person" means a person sixty-two (62) years of age or older and the spouse of that person;
(2) "Equity" means the market value of the housing less any mortgage indebtedness to the United States of America;
(3) "Handicapped person" means any adult having an impairment which is expected to be of long, continued, and indefinite duration; is a substantial impairment to his or her ability to live independently; and is of a nature that such ability to live independently would be improved by more suitable housing conditions and shall include an adult who is developmentally disabled;
(4) "Housing" means structures consisting of eight (8) or more residential units for occupancy and use by elderly or handicapped persons, including essential contiguous land and related facilities, as well as all personal property of the corporation or association used in connection with the facilities; and
(5) "Nonprofit corporation or association" means any corporation or association incorporated under the laws of this state not otherwise exempt from general ad valorem, real, and personal property taxes, operating a housing facility or project qualified, built, and financed by the United States of America under § 202 of the National Housing Act of 1959, as amended, 12 U.S.C. § 1701q.
Copyright ©2024 LegalFix. All rights reserved. LegalFix is not a law firm, is not licensed to practice law, and does not provide legal advice, services, or representation. The information on this website is an overview of the legal plans you can purchase—or that may be provided by your employer as an employee benefit or by your credit union or other membership group as a membership benefit.
LegalFix provides its members with easy access to affordable legal services through a network of independent law firms. LegalFix, its corporate entity, and its officers, directors, employees, agents, and contractors do not provide legal advice, services, or representation—directly or indirectly.
The articles and information on the site are not legal advice and should not be relied upon—they are for information purposes only. You should become a LegalFix member to get legal services from one of our network law firms.
You should not disclose confidential or potentially incriminating information to LegalFix—you should only communicate such information to your network law firm.
The benefits and legal services described in the LegalFix legal plans are not always available in all states or with all plans. See the legal plan Benefit Overview and the more comprehensive legal plan contract during checkout for coverage details in your state.
Use of this website, the purchase of legal plans, and access to the LegalFix networks of law firms are subject to the LegalFix Terms of Service and Privacy Policy.