Source: https://development.code.dccouncil.us/dc/council/code/sections/47-820.01.html
Timestamp: 2019-04-21 08:34:57+00:00

Document:
D.C. Law Library - § 47–820.01. Assessments — Improved residential real property owned by cooperative housing association; reports by association; Mayor to issue rules.
↪ § 47–820.01. Assessments — Improved residential real property owned by cooperative housing association; reports by association; Mayor to issue rules.
§ 47–820. Assessments — Estimated assessment roll; frequency of assessments.
§ 47–820.01. Assessments — Improved residential real property owned by cooperative housing association; reports by association; Mayor to issue rules.
(C) In the case of limited-equity cooperatives, the lesser of the assessed value determined under subparagraph (A) of this paragraph, subparagraph (B) of this paragraph, or the annual amount residents are paying in carrying charges, excluding carrying charge subsidies, divided by an appropriate capitalization rate as determined by the Office of Tax and Revenue; provided, that if a property ceases to be a limited-equity cooperative, it shall be assessed under subparagraph (A) or subparagraph (B) of this paragraph.
(4) Special factors related to limited equity cooperatives.
(8) No further adjustment for any of these factors shall be allowed except as provided in subsection (b)(3) of this section.
(H) The total number of shares or percentage interest purchased and held by the cooperative housing association.
(2) If the cooperative housing association fails to submit the information within the time and in the form prescribed, there shall be added to the real property tax levied upon the property in question, for the next ensuing tax year, the amount of 10% of the tax, except that when the information is provided after the time prescribed and it is shown that the failure to provide it was due to reasonable cause, no addition shall be made to the tax.
(3) All information submitted by a cooperative housing association owner to the Mayor pursuant to this subsection shall be accorded the same confidentiality as that applied to District of Columbia income tax returns under § 47-1805.04, and any violation of confidentiality shall be punishable as provided in § 47-1805.04(e).
(e) The Mayor shall, pursuant to subchapter I of Chapter 5 of Title 2, issue proposed rules to implement the provisions of this section. The proposed rules shall be submitted to the Council for approval, in whole or in part, by resolution.
This section is referenced in § 47-850.01 and § 47-863.
D.C. Law 16-33, in subsec. (a)(1)(A), substituted “;” for “; or”; in subsec. (a)(1)(B), substituted “; or” for “;”; and added subsec. (a)(1)(C).
For temporary (90 day) amendment of section, see §§ 1276(b), 1277, 1278 of Fiscal Year 2006 Budget Support Emergency Act of 2005 (D.C. Act 16-168, July 26, 2005, 52 DCR 7667).
Approval of proposed rules to implement provisions of Cooperative Housing Assessment Procedure and Lower Income Homeownership Tax Amendment Act of 1988: Pursuant to Resolution 8-80, the “Cooperative Housing Assessment Procedure Rulemaking Approval Resolution of 1989,” effective July 11, 1989, the Council approved the proposed rules to implement provisions of the Cooperative Housing Assessment Procedure and Lower Income Homeownership Tax Amendment Act of 1988 regarding the assessment of real property owned by cooperative housing associations.
“(a) Section 1276 shall apply for taxable years beginning after September 30, 2005.
“This act shall expire on August 5, 2006 if this act has not taken effect under section 1277.”.
Delegation of authority pursuant to D.C. Law 7-205 “Cooperative Housing Assessment Procedure and Lower Income Homeownership Tax Abatement and Incentives Act of 1983 Amendment Act of 1988”, see Mayor’s Order 89-136, June 12, 1989.

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