Introduced
by
To exempt from the taxable value “pop up” the transfer of a decedent’s principle residence to a family member who is related “by blood or affinity to the first degree.” (In other words, to a parent or child). The exemption would be good for two years. Under current law a permanent exemption applies to a spouse and certain family trusts. The “pop up” 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 Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 37 to 0 (details)
To exempt from the property tax assessment “pop up” the transfer of a decedent’s principle residence to a family member, for up to two years. The “pop up” is the provision of the 1994 Proposal A tax limitation initiative that makes a property’s market value the basis of property tax assessments when it is sold, rather than the capped (and lower) “taxable value” of the previous owner.
Referred to the Committee on Tax Policy
