2007 Senate Bill 791 ↩

Senate Roll Call 223: Passed

To authorize an income tax credit for the increase in property taxes a home buyer pays under the Proposal A “pop up” compared to the previous owners “capped” taxable value. The tax credit would end Jan. 1, 2011, and would apply for principle residences bought starting April 1, 2008. The “pop-up” is where the state equalized value (market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner.