Providing a constitutional amendment to limit growth of assessed valuation of real property.

Summary

The resolution would add a new section to the state constitution that limits a property's assessed value to its true and fair value on Jan 1 2027 (or on each change of ownership) and then allows only the lesser of 1% or inflation to increase it each year. New construction and improvements would be added to the assessment in the year they are made, and the rule would apply to taxes collected beginning in 2028. Voters must approve the amendment at the next general election.

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