Staff Analysis of the Legislation
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This constitutional amendment would authorize (but not require) counties and consolidated governments to elect an alternative method of valuing property for ad valorem taxation purposes. The alternative method, which could be accomplished by ordinance or resolution with or without a voter referendum, would effectively freeze the value of properties at their values as of January 1st of the year after passage of the ordinance or resolution. Those values would be reset at the price of any subsequent sale of the property or at any time improvements are made to the property that increase its fair market value by more than $50,000. Once this methodology is adopted by the county or consolidated government, it must remain in place for at least 5 years before it may be repealed. |
