This bill limits the increase of assessed value of property to a total of 9% over a three year period where the property was owned by one person. It also limits increases from one year to the next to 3% or the percent change in the rate of economic inflation on individual taxpayers determined by the Revenue Commissioner, whichever is less.

If the property is sold, then it may be assessed greater than the applicable percentage of fair market value. Any substantial improvement or addition may be assessed at fair market value.