Introduced
by
To replace the current Proposal A “pop-up” in which the state equalized value (SEV, meaning market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner. Instead, the new taxable value would be the home’s SEV times the ratio between the SEV of all homes sold in the area in the previous year and the taxable value of all homes sold in the community the previous year.
Referred to the Committee on Tax Policy
