HR 10, if approved in a statewide referendum, would allow the voters of each county to approve a new limit ad valorem tax assessment.  If approved, assessments would be limited to the lesser of 3% per year or the rate of economic inflation as determined by the Revenue Commissioner so long as the property is not sold.  Substantial additions or improvements to the property may be assessed at fair market value.  When a property is sold, it may be assessed at fair market value.