SUMMARY:  LC 43 0197

Proposes a constitutional amendment that would provide for a local referendum in each county on the question of limiting valuation increases of real property.

The rate of increase of the assessed value of real property for state, county, municipal, or educational ad valorem tax purposes would be limited to 7.5 percent for each three year period of successive ownership and limited annually to the lesser of 2.5 percent or the percent change in the rate of economic inflation on individual taxpayers as determined by the state revenue commissioner.

EFFECTIVE DATE:  January 1, 2017 if approved by the General Assembly and the voters.