D.C. Mun. Regs. tit. 9, r. 9-346
The provision of §§ 346 and 347 are adopted under authority of the Cooperative Housing Assessment Procedure and Lower Income Homeownership Tax Abatement and Incentives Act of 1983 Amendment Act of 1988 (the "Act"), effective March 16, 1989 (D.C. Law 7-205; D.C. Code § 47.820.1) and Mayor's Order 89-136.
The assessed value of improved residential real property owned by a cooperative housing association, for the tax year beginning July 1, 1990, and for each subsequent tax year, shall be the aggregate estimated market value of the proprietary leases, stocks, or other interests in the cooperative housing association as of January 1st preceding the date of assessment, minus the value of all nonreal property assets owned by the cooperative housing association, multiplied by sixty-five percent (65%), and may be adjusted to take into account the factors set forth in § 421 a(b) of the District of Columbia Real Property Tax Revision Act of 1974.
If the Deputy Chief Financial Officer lacks sufficient information upon which to determine the assessed value under § 346.2, the assessed value of improved residential real property owned by a cooperative housing association shall be an amount equal to the estimated market value of the real property assessed as if it were a condominium determined by use of the comparable sales approach, multiplied by seventy percent (70%), minus all non-real property assets owned by the cooperative housing association, multiplied by sixty-five percent (65%), and may be adjusted to take into account the factors set forth in § 421 a(b) of the District of Columbia Real Property Tax Revision Act of 1974.
Adjustments to the assessed value of the cooperative for units leased by the cooperative (including bona fide lifetime or long-term leases to elderly and low income tenants) shall be made by assessing the value of the leased units separately and adding that value to the remaining portion of the cooperative housing association.
Example:
Value of units leased to low income or | |
elderly tenants | $150,000.00 |
Value of other leased units | 100,000. 00 |
Total value of leased units | $250,000.00 |
Value of remaining portion of coop | $10,000,000.00 |
Total assessed value of real property | $10,250,000.00 |
The value of units with lifetime or long-term leases to low income and elderly tenants shall be determined based on income and expense statements submitted by the cooperative housing associations.
A cooperative housing association shall submit documentation establishing the existence of lifetime or long-term leases to low income and elderly tenants in order for such leases to be considered in assessing real property owned by the cooperative housing association.
The Deputy Chief Financial Officer may conduct exterior and interior inspection of the property if in the Deputy Chief Financial Officer's judgment an inspection is reasonably necessary in order to establish the assessed value of improved residential real property owned by a cooperative housing association.
D.C. Mun. Regs. tit. 9, r. 9-346