Introduced
by
To establish that the transfer of industrial real estate from the previous to the current owner of a particular company is not considered a land transfer under the state property tax law, which means it would not be subject to real estate transfer tax or to the “pop up” provisions of Proposal A. The “pop-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 (as long as property values have risen since the last sale).
Referred to the Committee on Tax Policy
