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2012 House Bill 5556: Revise property transfer taxable value detail
Introduced by Rep. Amanda Price R-Holland on April 24, 2012
To allow a property owner to transfer ownership of his or her property to a corporation (or other type of “limited liability company”) that the person owns, without triggering the Proposal A “pop-up,” in which the state equalized value (SEV, meaning market value) of transferred property becomes the basis for its property tax assessment, rather than the capped “taxable value” of the previous owner.   Official Text and Analysis.
Referred to the House Tax Policy Committee on April 24, 2012