2012 House Bill 5878

Authorize four-year property tax “bump up” holiday

Introduced in the House

Sept. 11, 2012

Introduced by Rep. Mike Shirkey (R-65)

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.

Referred to the Committee on Tax Policy