Introduced
by
To exempt from the taxable value “pop up,” the transfer of a “life estate” interest in a principle residence from the owner to family members. This is the provision of the 1994 Proposal A tax limitation initiative that makes a property’s new basis for tax assessments the state equalized value (market value), rather than the (lower) “taxable value” of the previous owner, growth of which is restricted by law.
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 81 to 25 (details)
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Amendment offered
by
To require the legislature to appropriate money from other sources to make up any foregone school aid fund revenue caused by the bill.
The amendment failed 17 to 21 (details)
Passed in the Senate 38 to 0 (details)
To exempt from the taxable value “pop up,” the transfer of a “life estate” interest in a principle residence from the owner to family members. This is the provision of the 1994 Proposal A tax limitation initiative that makes a property’s new basis for tax assessments the state equalized value (market value), rather than the (lower) “taxable value” of the previous owner, growth of which is restricted by law.
Passed in the House 81 to 25 (details)
