2015 House Bill 4930 ↩

Senate Roll Call 615: Passed

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.