SUMMARY:  
Calls for a Constitutional Amendment leading to a property assessment freeze at the 2002 levels. The 20 mil limit on school property tax is removed.  A voter referendum would be required to change the school tax millage.

REQUIREMENTS:

• Constitutional Amendment
• Grants an exemption from all county, municipal, and school ad valorem taxes equal to the amount by which the current year assessed property value exceeds the base value of the property.
• The base value is determined by the purchase price of the homestead property paid by the most recent owner.
• Establishes processes for assessing property values and resolving disputes over the assessment.
• The 20 mills cap on school tax funds is eliminated; Mill limitations in effect on January 1, 2011 may be changed by local boards only after approval by voters.

POINTS TO CONSIDER: 

• Does not include state ad valorem taxes

• Limits the ability of local school systems to raise funds for support of educational programs

• As a proposed Constitutional Amendment, must receive a 2/3 vote in both the House and Senate.
  

EFFECTIVE DATE:
 If approved by voters in 2010 in a general election, then the provisions would be effective in 2011.