Introduced by Rep. Aric Nesbitt (R) on September 30, 2015 To exempt from the taxable value “pop up,” the transfer of a “life estate” interest in a principle residence from the owner to family members. This is the provision of the 1994 Proposal A tax limitation initiative that makes a property’s new basis for tax assessments the state equalized value (market value), rather than the (lower) “taxable value” of the previous owner, growth of which is restricted by law. Official Text and Analysis.
Referred to the House Tax Policy Committee on September 30, 2015
Reported in the House on November 4, 2015 With the recommendation that the substitute (H-1) be adopted and that the bill then pass.