Introduced
by
To exempt from the Proposal A property tax assessment “pop up” the purchase of home by a person who is related to the seller “by blood or affinity to the third degree” (which includes great grandparents or grandchildren, great uncles/aunts/nieces/nephews, second cousins, etc.). The “pop-up” is where 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. Under the bill, if the relative sold the property to a non-relative within seven years, the “pop-up” would be imposed retroactively back to the date of the first sale.
Referred to the Committee on Tax Policy
