Current summary of the bill as considered on the Senate floor 2.11.10: Includes a 20 percent exemption on the fair market value of 6 percent properties sold after 2010 and a 100 percent exemption on 6 percent properties sold in 2010. The exemptions could not bring the purchaser’s tax value below the property’s fair market value at the time of the county’s last reassessment. At future reassessments, these properties would be subject to Act 388’s 15 percent cap on increases in tax value. The compromise also allows local governments to look back up to three years to claim any increases in millage not yet imposed but allowed by Act 388. It also includes technical language to change the millage rollback formula.This compromise failed by a vote of 28-13 to pass the full Senate on Feb. 11, 2010.
05.14.09 The Senate set H3272 for special order on the calendar. 
05.05.09 The Senate Finance committee gave this bill a favorable report as amended by the subcommittee.
05.05.09 A Senate Finance Special subcommittee gave this bill a favorable report as amended. The amendment strikes all of the language in the House version of the bill and replaces it with the language from S435, the Senate version of the bill.
03.26.09 The House Ways and Means committee voted 17 to 8 to give this bill a favorable report as amended in subcommittee.
Current summary of the bill as amended: Delays reassessment of sold property until the next county-wide reassessment rather than at the point of sale. It also limits increases in fair market value of sold properties to 15 percent over a five year period. The bill was amended to eliminate the provision that reverts the value of  property sold after 2008 back to its presale fair market value.
03.04.09 The House Ways and Means Property Tax subcommittee gave this bill as favorable report as amended. 02.04.09 The House Ways and Means Property Tax subcommittee carried this bill over until the next meeting. Committee members heard testimony and plan for staff to draft an amendment to the current bill.
Summary of the bill as introduced: Limits increases in fair market value of sold properties to 15 percent at the point of sale. A sunset provision returns to the current law after tax year 2014.

A fiscal impact statement is available for this bill.

A revenue impact statement is available for this bill.

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