Introduced
To require tax assessors considering whether a change in the form of ownership of a parcel triggers a change in its taxable value, to “disregard any guideline or opinion of the state tax commission suggesting that, when in doubt, a transaction should be considered a transfer of ownership under this section.” This refers to the Proposal A taxable value “bump up” that occurs when property changes hands, wherein the basis for property tax assessments becomes a parcel’s state equalized value (market value) rather than its capped “taxable value.” Assessors would also have to send each owner of a parcel an explanation if they determine a change in the ownership form did trigger a taxable value “bump up.” See also Senate Bill 649.
Referred to the Committee on Local Government
Referred to the Committee on Finance
