Introduced
by
To grant a three-year exemption from the Proposal A property tax assessment “pop up” for a home acquired through inheritance, if it remains vacant and is for sale. 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
