Introduced
by
To revise the real estate seller disclosure statement required in residential real estate transactions, to require the person who prepares the closing statement, the “Realtors” (sic), the buyer, and in some cases the seller, to sign off separately on a statement that describes how the buyer’s property taxes may be very different from the seller’s due to the Proposal A taxable value “pop-up.” 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.
Referred to the Committee on Commerce and Tourism
