Modifies provisions governing the assessment and taxation of property

Summary

The measure updates state statutes that govern how counties, cities and school districts set property tax rates after a reassessment. It requires local governments to be notified of valuation changes and to revise rates so revenue stays roughly the same, while limiting any increase to the higher of the last voter‑approved rate or an inflation‑adjusted amount. It also sets special rules for railroad, utility property and inflation‑based growth limits.

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