Introduced by Sen. Vincent Gregory (D) on January 30, 2013, to eliminate the use of rental property occupancy rate decreases in determining the taxable value of property. The bill is a response to a 2002 Supreme Court ruling (WPW vs. Troy) which held that the Constitutional tax cap put in place by Proposal A in 1994 capped annual increases in the assessments of commercial property whose assessment had previously been lowered because of high vacancy rates.
Referred to the Senate Finance Committee on January 30, 2013.
Reported in the Senate on May 28, 2013, with the recommendation that the bill pass..