Assessment of Property with Decreasing Just Valuation

Summary

The joint resolution would add language to the state constitution that bars any increase in a property's assessment if its just valuation declines, and it caps annual assessment growth at the lower of 3% or the Consumer Price Index. It mainly affects owners of homestead and other residential properties by tying assessment changes to market values and limiting spikes. The measure seeks to protect homeowners from assessment increases that outpace actual property values.

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