Introduced by Rep. Edward Gaffney (R) on May 28, 2003, to exempt homestead property which is purchased by a person whose previous homestead was in the same community for at least three years from the taxable value “bump-up.” The “bump 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, which is lower.
Referred to the House Tax Policy Committee on May 28, 2003.
