Alaska Supreme Court Upholds Use Of Cost Approach to Value in Assessment of Tax Credit Projects

摘要

The Alaska Supreme Court upheld the use of the cost approach to value in determining the assessment of a low-income housing tax credit project, but vacated the specific valuation for clarification of certain issues, including the impact of rent restrictions and tax credits on the valuation. (Horan v. Kenai Peninsula Borough Board of Equalization, Nos. S-13333, S-13493, 2011 WL 832805 (Alaska), March 11, 2011) The case involved a 30-unit tax credit project completed in 2004 and owned by Pacific Park Limited Partnership in Seward, which is located in the Kenai Peninsula Borough.