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2017 Senate Bill 78: Expand property transfer taxable value “pop up” exception
Introduced by Sen. Mike Nofs (R) on January 31, 2017 To exempt from the taxable value “pop up” the transfer of a decedent’s principle residence to a family member who is related “by blood or affinity to the first degree.” (In other words, to a parent or child). The exemption would be good for two years. Under current law a permanent exemption applies to a spouse and certain family trusts. The “pop up” is the provision of the 1994 Proposal A tax limitation initiative that makes a property’s new basis for tax assessments the state equalized value (market value), rather than the (lower) “taxable value” of the previous owner, growth of which is restricted by law.   Official Text and Analysis.
Referred to the Senate Finance Committee on January 31, 2017
Reported in the Senate on March 30, 2017 With the recommendation that the bill pass.
Passed 37 to 0 in the Senate on April 20, 2017.
    See Who Voted "Yes" and Who Voted "No".
To exempt from the property tax assessment “pop up” the transfer of a decedent’s principle residence to a family member, for up to two years. The “pop up” is the provision of the 1994 Proposal A tax limitation initiative that makes a property’s market value the basis of property tax assessments when it is sold, rather than the capped (and lower) “taxable value” of the previous owner.
Received in the House on April 20, 2017
Referred to the House Tax Policy Committee on April 20, 2017

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