LR292CA

Proposes a new method of valuing real property for property tax purposes

Proposes a new method of valuing real property for property tax purposes, providing a limit on property tax increases, certain exceptions, requirements for declared emergencies, emergency bond levies, and eliminating conflicting constitutional provisions. Real property shall be valued at its taxable market value unless exempt from tax. The property taxes levied on any parcel of real property shall not increase, from one year to the next, by more than the allowable growth percentage. An emergency shall only be declared by an appropriate government official, as determined by the Legislature.