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2012 House Bill 5878: Authorize four-year property tax “bump up” holiday
Introduced by Rep. Mike Shirkey R-Clark Lake on September 11, 2012
To temporarily exempt the sale of a principle residence that becomes the buyer’s principle residence from the higher property taxes caused by the Proposal A 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 has traditionally been lower. The exemption would be in effect from 2013 through 2017.   Official Text and Analysis.
Referred to the House Tax Policy Committee on September 11, 2012