HCSHJRs33&45--PROPERTYTAXASSESSMENTS(Coleman)
COMMITTEEOFORIGIN:SpecialCommitteeonTaxReform
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.
Intheeventthatnewconstructionorimprovementsaremadeto
residentialrealproperty,suchvaluewillbetheactualcostof
thematerialspurchasedforimprovementsmadetotheproperty.
Documentationofactualcostsmustbesenttotheassessorassoon
asreasonablypracticableafterthecompletionofthenew
constructionorimprovements. Suchdocumentationofcostsorother
documentswillnotbemadeavailabletoanyentityandwillbeused
onlybytheassessorforthesolepurposeofestablishingthetrue
valueoftheproperty.
Taxpayerswhoreachtheageof65shallbeexemptfromany
increasesintheassessedvaluationoftheirrealproperty,
providedthatsuchpropertyisusedandoccupiedastheirprimary
residence. Thevaluationofrealpropertyfortheseage-qualified
taxpayersshallbebasedonthemostrecentassessedvaluationof
theirprimaryresidenceforthetaxyearimmediatelyprecedingthe
yearinwhichtheage-qualifiedtaxpayerbecameeligibleforthe
exemption. Ifanage-qualifiedtaxpayerrelocates,assoonasthenew
residenceisestablishedasthetaxpayer'sprimaryresidence,the
assessedvaluationoftheirnewprimaryresidenceshallbebasedon
themostrecentassessedvaluationoftherealpropertybeforethe
taxyearthattheage-qualifiedtaxpayerbecameeligibleagainfor
theexemption.