Introduced
by
To place before voters in the next general election a Constitutional amendment to establish that would revise the Proposal A property tax assessment “pop up” that occurrs when a parcel is sold, 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. Under this initiative, the size of the increase would limited to the previous owner’s taxable value in the last year before the transfer, plus the lesser of the inflation rate in the past year or 5 percent.
Referred to the Committee on Tax Policy
