Introduced
by
To place before voters in the next general election a Constitutional amendment that would allow the phasing in over three years of the Proposal A property tax assessment "pop up" when a particular property is sold. The “pop-up” is a provision of the 1994 Proposal A property tax assessment cap in which 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. The taxable value is lower as long as the assessed value of the property has increased since the last ownership transfer. The bill would impose one-third of the assessment hike each year for three years.
Referred to the Committee on Tax Policy
