Introduced
by
To not adjust the taxable value of property sold under a land contract to reflect the Proposal A “pop-up” until the deed is recorded at the end of the contract. Under current law the “pop-up” kicks in when the contract is originally created. The “pop-up” is where the state equalized value (SEV, meaning market value) of newly-sold property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner.
Referred to the Committee on Tax Policy
