Introduced
by
To revise details of the eligibility of a principle residence transfer from the Proposal A taxable value “bump up” if the recipient is a son-in-law or daughter-in-law under the law that exempts certain transfers in a family from this tax increase. Under current law, the new basis for principle residence property tax assessments becomes the property’s state equalized value (market value), rather than the (lower) capped “taxable value” of the previous owner.
Referred to the Committee on Tax Policy
