Danielv123 · April 25, 2023 11:49
diff --git a/LAxbgcNArI.txt b/LAxbgcNArI.txt
 Section 9: Large Investment Landlord Taxation Exception

 (a) To prevent excessive taxation on property held by large investment landlords and to encourage investment in affordable housing, an exception to the standard assessment ratio shall be established for qualified large investment landlords.
 (b) A qualified large investment landlord is defined as an entity or individual that:
 (i) Owns and manages a minimum of 100 residential rental units.
 (ii) Has at least 80% of the residential rental units designated as affordable housing for low- and moderate-income households, as defined by the U.S. Department of Housing and Urban Development's (HUD) area median income (AMI) guidelines.
 (c) For qualified large investment landlords, an alternative assessment ratio shall be applied to their rental properties. This alternative assessment ratio shall be set at a lower percentage than the standard assessment ratio established in Section 4(a) of this Act, but shall not be less than 60% of the property's fair market value.
 (d) Qualified large investment landlords must apply for this exception with their local tax assessor's office, providing documentation to demonstrate their eligibility, including proof of ownership and management of the required number of residential rental units and evidence of affordability for the designated percentage of units.
 (e) The large investment landlord taxation exception shall be subject to periodic review and re-qualification to ensure continued compliance with the eligibility criteria. The review process shall be conducted at least once every five years, or more frequently at the discretion of the local tax assessor's office.

 Section 10: Effective Date

 This amendment to the Property Tax Relief and Equity Act of 2023 shall take effect on January 1, 2024, with the first property tax bills reflecting the changes implemented by this amendment due in the calendar year 2025.
	Section 9: Large Investment Landlord Taxation Exception

	(a) To prevent excessive taxation on property held by large investment landlords and to encourage investment in affordable housing, an exception to the standard assessment ratio shall be established for qualified large investment landlords.
	(b) A qualified large investment landlord is defined as an entity or individual that:
	(i) Owns and manages a minimum of 100 residential rental units.
	(ii) Has at least 80% of the residential rental units designated as affordable housing for low- and moderate-income households, as defined by the U.S. Department of Housing and Urban Development's (HUD) area median income (AMI) guidelines.
	(c) For qualified large investment landlords, an alternative assessment ratio shall be applied to their rental properties. This alternative assessment ratio shall be set at a lower percentage than the standard assessment ratio established in Section 4(a) of this Act, but shall not be less than 60% of the property's fair market value.
	(d) Qualified large investment landlords must apply for this exception with their local tax assessor's office, providing documentation to demonstrate their eligibility, including proof of ownership and management of the required number of residential rental units and evidence of affordability for the designated percentage of units.
	(e) The large investment landlord taxation exception shall be subject to periodic review and re-qualification to ensure continued compliance with the eligibility criteria. The review process shall be conducted at least once every five years, or more frequently at the discretion of the local tax assessor's office.

	Section 10: Effective Date

	This amendment to the Property Tax Relief and Equity Act of 2023 shall take effect on January 1, 2024, with the first property tax bills reflecting the changes implemented by this amendment due in the calendar year 2025.