A. Notwithstanding any other provision of law, general or special, in any appeal of
the real property assessment of real property defined below as residential rental
apartments in excess of four units filed by a taxpayer pursuant to § 58.1-3379, the board of equalization shall consider:
1. The actual gross income generated from such real property and any resultant loss
in income attributable to vacancies, collection losses, and rent concessions;
2. The actual operating expenses and expenditures and the impact of any additional
expenses or expenditures; and
3. Any other evidence relevant to determining fair market value of such real property.
B. Real property subject to this section shall be limited to residential rental apartments
containing more than four units. Individual attached or detached single-family dwelling units, regardless of whether
such dwelling units are rented, shall not be subject to this section.
C. For real property governed by this section, where only a portion of the real property
is operated as residential rental apartments, the portion of such real property not
operated as residential rental apartments shall not be subject to this section.
D. The valuation of residential rental apartments governed by this section shall be
made by the board using the income approach in accordance with this section, except
when (i) such real property has been sold since the previous assessment, in which
case the board may consider the sales price of such property; (ii) improvements on
such real property are being constructed or renovated, in which case the board may
consider the market value of such property; or (iii) the value arrived at by the
income approach is not otherwise in accordance with generally accepted appraisal practices
and standards prescribed by the International Association of Assessing Officers (IAAO),
in which case the board may consider the market value of such property.
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