Introduced
by
To allow an individual who has moved into a new principle residence and not yet been able to sell his or her previous residence, to claim the Proposal A principle residence (homestead) tax exemption on both properties for up to three years; establish a formula by which the taxable value of properties that are falling in value would go down based on a certified appraisal; require assessors to base assessments on transactions during the past year rather than the past three years if this would result in lower assessments, and also to include home foreclosures in these analyses; and make other revisions in the way property taxes are calculated and levied to reflect an environment in which property values are falling rather than increasing. The bill would also grant a pro-rated homestead property tax exemption after May 1 to a person who acquires and occupies a homestead for which an exemption was not already on the tax roll on May 1.
Referred to the Committee on Tax Policy
