Introduced
by
To establish that property transferred by a partnership are exempt to individuals who are all closely related and have been partners for the entire duration of the partnership, are exempt from the taxable value “bump up,” wherein the new basis for property tax assessments becomes the property’s state equalized value (market value), rather than the capped “taxable value” of the previous owner.
Referred to the Committee on Local Government and Municipal Finance
Reported without amendment
Refer to the Committee on Ways and Means.
Referred to the Committee on Ways and Means
