HJR33--PROPERTYTAXASSESSMENTS
SPONSOR: Coleman
Uponvoterapproval,beginningJanuary1,2025,thisproposed
Constitutional amendmentprovidesthatforallresidentialreal
property,thetruevalueofsuchpropertywillbedeemedtobethe
samevaluedeterminedatthemostrecentpreviousassessmentofthe
property,orifthepropertyhasbeensoldsinceitsmostrecent
assessment,thetruevalueofsuchpropertywillbedeemedtobe
thetotalfairmarketvalueofthecompensationreceivedbythe
sellerforthesaleofsuchproperty.
Anewassessmentorreassessmentofresidentialrealproperty,the
assessedvaluationofsuchpropertymaybeincreasedfromthe
assessedvaluationofsuchpropertydeterminedatitsmostrecent
previousassessmentbutonlytotheextentthatsuchanincrease:
(1)IncorporatesthechangeintheConsumerPriceIndexsincethe
mostrecentpreviousassessmentoruptoa2%annualincreasein
theassessedvaluationoftheproperty,whicheverisless;or
(2)Reflectsthevalueaddedtothepropertyasaresultofnew
constructionorimprovementsmadetotheproperty.
Intheeventthatresidentialrealpropertyissold,thetitle
companyofthepurchaserofanysuchpropertymustsendtothe
assessor,assoonasreasonablypracticableafterthepurchase,a
notarizedcopyofthesalescontractoftheproperty,andsuch
documentshallbeconsideredaclosedrecordunderstatelaw.
Intheeventthatnewconstructionorimprovementsaremade
residentialrealproperty,suchvaluewillbetheactualcostof
thenewconstructionorimprovementsmadetotheproperty.
Documentationofactualcostsmustbesenttotheassessorassoon
asreasonablypracticableafterthecompletionofthenew
constructionorimprovements. Suchdocumentationofcostsorother
documentswillnotbemadeavailabletoanyentityandwillbeused
onlybytheassessorforthesolepurposeofestablishingthetrue
valueoftheproperty.
ThisbillissimilartoHJR80(2022).