Bill > SB0819

This bill clarifies that when ownership interests in legal entities, such as corporations or limited liability companies, are transferred between spouses, it does not trigger a reassessment of the property's taxable value. This means that the "pop-up" provision, which typically reassesses property value upon a transfer of ownership, will not apply to these interspousal transfers of ownership interests in legal entities. The bill is intended to correct any misinterpretations of the law by courts and reaffirm the legislature's original intent regarding how property taxes are handled in such situations.