Property types
Multifamily acquisitions and property tax.
Real-property allocation, reassessment risk, and where the exposure actually is
Conventional multifamily defaults to 99% real property: a garden or mid-rise apartment building carries minimal FF&E and no going-concern value the way a hotel does. Furnished student housing runs slightly lower (95%, given furniture packages are common). Senior living is treated as a placeholder estimate (75% real property) pending real research into that format’s FF&E and service-intensity norms, so don’t rely on that figure with the same confidence as the conventional default.
LIHTC-restricted properties are the real exception
A naive reassessment estimate assumes the assessed value tracks the sale price. For an income-restricted LIHTC property, that assumption is often wrong: several states require or permit assessors to value these properties using an income approach on the actual restricted rents, not comps, which can produce a materially lower assessed value than the sale price would suggest.
Rolling Basis automatically checks every multifamily address against HUD’s public LIHTC database and surfaces the relevant state statute when one is codified (today: Florida, Texas, and New York; California only applies its favorable treatment with an eligible nonprofit general partner, which the flag accounts for). See the LIHTC guide for the full mechanics and its limits.
Other property types