Proposed constitutional amendment to limit annual increases in homestead property assessments and provide tax exemptions.
This bill proposes a constitutional amendment to limit annual increases in the assessed value of homestead real property, which is the principal residence of the owners. The amendment would require the Legislature to set a cap on annual assessment increases at the lower of either 3% or the Consumer Price Index rate. Homestead properties would be assessed at true value as of January 1 following the approval of this amendment and reassessed annually on January 1.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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