(A) Federal or state income tax credits for low income housing may not be taken into consideration with respect to the valuation of real property or in determining the fair market value of real property for property tax purposes. For properties that have deed restrictions in effect that promote or provide for low income housing, the income approach must be the method of valuation to be used. (B) For purposes of this section, "low income housing" means housing intended for occupancy by households with incomes not exceeding eighty percent of area median income, adjusted for household size, as determined by the United States Department of Housing and Urban Development. Editor's Note 2006 Act No. 383, SECTION 2, provides as follows: "This act takes effect upon approval by the Governor and is effective beginning with taxes to be assessed for the year of its enactment."
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