Introduced
by
To exempt homestead property which is purchased by a person whose previous homestead was in the same community for at least three years from the taxable value “bump-up.” The “bump up” is where the state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner, which is lower.
Referred to the Committee on Tax Policy
