Assessment of Property with Decreasing Just Valuation

Summary

The bill would prevent any increase in a property's assessed value if its just (market) value has declined since the last assessment. It applies to both homestead‑exempt and non‑homestead residential properties, while keeping annual assessment caps and special rules for improvements after damage. The change aims to protect owners from higher taxes when property values drop.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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