Introduced
by
To exempt from the Proposal A property tax assessment “pop up” the transfer of residential property to or from the owner of a closely held corporation to a spouse or close relative. Under the “pop up,” the “state equalized value” (market value) of transferred property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner.
Referred to the Committee on Tax Policy
Reported without amendment
With the recommendation that the substitute (H-1) be adopted and that the bill then pass.
Passed in the House 64 to 42 (details)
Referred to the Committee on Finance
