Property tax valuation and assessment for low-income housing remain a challenge for real estate assessors, developers, property managers, and local governments. This paper reported the research findings on the use of valuation methods for real estate tax abatement in low-income properties gathered from real data. Based on data from income statements and balance sheets of client’s properties, valuation models for low-income housing versus market-price housing were proposed and the major variances were compared. From the examination of the major valuation methods used by states and localities, evidence was found to explain. How the fair market value method failed to apply to the tax assessment in Massachusetts that requires a market-price value for property assessment purposes, and why the income approach is preferred in the asset valuation of low income housing.