Modifies provisions governing the assessment and taxation of property

Summary

The proposal defines key terms for property assessment and tax calculations, then requires counties, cities and school districts to be notified of any change in assessed values and to adjust their levy rates so that the total tax revenue stays roughly the same as the previous year. Any new rate may not exceed the higher of the most recent voter‑approved rate or that rate adjusted for inflation, and special rules apply to school districts and to railroad or utility property. The measure did not pass and was replaced by a substitute bill.

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