Proposing a constitutional amendment to prohibit increases in property assessments if the just value has decreased.

This bill proposes an amendment to the State Constitution to prohibit increases in the assessed value of homestead and nonhomestead property if the just valuation of such property has decreased since the previous assessment. The amendment applies to property subject to the current 3 percent and 10 percent assessment limitations, respectively. The prohibition does not apply to assessments related to changes, additions, reductions, or improvements to the property. The amendment is set to take effect on January 1, 2027.

Proposing a constitutional amendment to prohibit increases in property assessments if the just value has decreased.

This bill proposes an amendment to the State Constitution to prohibit increases in the assessed value of homestead and nonhomestead property if the just valuation of such property has decreased since the previous assessment. The amendment applies to property subject to the current 3 percent and 10 percent assessment limitations, respectively. The prohibition does not apply to assessments related to changes, additions, reductions, or improvements to the property. The amendment is set to take effect on January 1, 2027.