The Connecticut Superior Court has ruled that low and moderate income housing must be assessed using an income capitalization approach to value, and not a cost approach. This is good news for owners challenging high assessments of affordable properties, even in other states, since it does provide ammunition for challenges. (St. Luke’s Senior Housing, Inc. v. City of New Haven, 2010 WL 5491294 (Conn. Super.), December 7, 2010).
Connecticut Court Case Good News for Affordable Housing Assessments
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