Introduced
by
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.
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 36 to 0 (details)
Referred to the Committee on Commerce
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Passed in the House 108 to 0 (details)
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.
