Modifies provisions relating to property taxes

Summary

The amendment revises Article X, Section 22 to force counties and other political subdivisions to lower property‑tax levies if assessed property values grow more than the inflation rate, and to apply the rule to each subclass of real property. It also requires new construction and improvements to be counted in assessed values and retains the existing exemption for debt‑service taxes that were authorized before the amendment. Any increase in taxes beyond the current authorized levy must be approved by a majority of voters in the affected jurisdiction.

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