Introduced
by
To exclude from the Proposal A taxable value "pop up" a transfer of real property that terminates a joint tenancy created before December 31, 1994. Joint tenancy is a form of property ownership where if one owner dies the other becomes sole owner of the property. The “pop-up” is a provision of the 1994 Proposal A property tax assessment cap in which 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
