2005 Senate Bill 529 ↩

House Roll Call 821: Passed

To allow local governments to give temporary property tax breaks to those who bought a principle residence between 1999 and 2005 in certain neighborhoods designated as neighborhood enterprise zones. The tax breaks could last from six to 15 years. This would also have the effect of exempting the property from the Proposal A taxable value “pop-up,” in which the (higher) state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the (lower)“taxable value” of the previous owner, resulting in the new owner paying higher property taxes than the old.