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CABARRUS COUNTY 2012 APPRAISAL MANUAL <br />Assessment of Low - Income (Section 42) Housing Property <br />§ 105 - 277.16. A North Carolina low- income housing development to which the North Carolina Housing Finance <br />Agency allocated a federal tax credit under section 42 of the Code is designated a special class of property under Article <br />V, Section 2(2) of the North Carolina Constitution and must be appraised, assessed, and taxed in accordance with this <br />section. The assessor must use the income approach as the method of valuation for property classified under this section <br />and must take rent restrictions that apply to the property into consideration in determining the income attributable to <br />the property. The assessor may not consider income tax credits received under section 42 of the Code or under G.S. <br />105 - 129.42 in determining the income attributable to the property. (2008 -146, s. 3.1; 2008 -187, s. 47.6.) <br />These special properties are assessed using the capitalization of net income method, as are other multi - family properties in the <br />county. The difference will be that instead of establishing a market derived Potential Gross Income for the property, the Actual <br />Rent Restricted Income will be used in calculating the net income to be capitalized. <br />Cabarrus County — 2012 Revaluation <br />VALUATION OF 9-4 <br />SPECIAL PROPERTIES 9/30/11 <br />Attachment number 10 <br />G -6 Page 292 <br />