Introduced
by
To place before voters in the next general election a Constitutional amendment that would phase in over three years the Proposal A property tax assessment "pop up" when a particular property is sold. 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. The taxable value is lower as long as the market value of the property has increased since the last ownership transfer. The resolution (and House Bill 4049) would impose one-third of the assessment hike each year for three years.
Referred to the Committee on Commerce
