Introduced
by
To place before voters in the next general election a Constitutional amendment to revise the Proposal A “pop up” so that the new taxable value of a property that has been sold is adjusted to reflect any changes in the general value of real estate in a jurisdiction. 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. See also House Bill 5647 and HJR LL, which revise the way property taxes are calculated and levied to reflect an environment in which property values are falling rather than increasing.
Referred to the Committee on Tax Policy
