Staff Analysis of the Legislation
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This proposed constitutional amendment is called the "Ad Valorem Tax Assessment Limit Amendment." The measure would provide that the rate of increase of the assessed value of real property shall not exceed 7.5 percent for each 3 year period of successive ownership and shall not exceed the lesser of 2.5 percent or percent change in inflation from one tax year to the next tax year. Among other things, it also allows for current use valuation of all or any subclass of real property. Once the constitutional amendment itself has been approved, it will only become effective in a local tax jurisdiction only following approval in a local referendum. |
