HJR78--PROPERTYTAXASSESSMENTS
SPONSOR: Coleman
Uponvoterapproval,beginningJanuary1,2025,thisproposed
Constitutional amendmentprovidesthatthetruevalueofall
residentialrealpropertyshallbedeemedtobethesamevalue
determinedatthemostrecentpreviousassessmentoftheproperty,
orifthepropertyhasbeensoldsinceitsmostrecentassessment,
thetruevalueofsuchpropertywillbedeemedtobethetotalfair
marketvalueofthecompensationreceivedbythesellerforthe
saleofsuchproperty.
ThisConstitutional amendmentshallapplytoallresidentialreal
propertythat:
(1)Hasbeenmaintainedbythehomeownerashisorherprimary
residence;or
(2)Hasbeenowned,used,oroccupiedbyanownerwhois65years
ofageorolder,isliableforthepaymentofrealpropertytaxes
ontheresidence,andisanownerofrecordorhasalegalor
equitableinterestinthepropertyasevidencedbyawritten
instrument.
Whenanewassessmentorreassessmentofresidentialrealproperty
isconducted,theassessedvaluationofsuchpropertymaybe
increasedfromtheassessedvaluationofsuchpropertydetermined
atitsmostrecentpreviousassessmentbutonlytotheextentthat
suchanincrease:
(1)IncorporatesthechangeintheConsumerPriceIndexsincethe
mostrecentpreviousassessmentoruptoa2%annualincreasein
theassessedvaluationoftheproperty,whicheverisless;or
(2)Reflectsthevalueaddedtothepropertyasaresultofnew
constructionorimprovementsmadetothepropertyasfollows:
(a)Suchvalueshallbetheactualcostofthematerialspurchased
forimprovements;
(b)Documentationofactualcostsshallbesenttotheassessor
afterthecompletionofthenewconstructionorimprovements;
(c)Suchdocumentationofcostsorotherdocumentsshallnotbe
madeavailableandshallbeusedonlybytheassessorforthesole
purposeofestablishingthetruevalueoftheproperty. Intheeventthatresidentialrealpropertyissold,thetitle
companyofthepurchaserofanysuchpropertymustsendtothe
assessor,assoonasreasonablypracticableafterthepurchase,a
notarizedcopyofthesalescontractoftheproperty,andsuch
documentshallbeconsideredaclosedrecordunderstatelaw.
Taxpayerswhoreachtheageof65duringataxyearshallbeexempt
fromanyincreasesintheassessedvaluationoftheirreal
property,providedthatsuchpropertyisusedandoccupiedastheir
primaryresidence. Thevaluationofrealpropertyfortheseage-
qualifiedtaxpayersshallbebasedonthemostrecentassessed
valuationoftheirprimaryresidenceforthetaxyearimmediately
precedingtheyearinwhichtheage-qualifiedtaxpayerbecame
eligiblefortheexemption.
Ifanage-qualifiedtaxpayeracquiresresidentialrealproperty
afterreachingtheageof65orolder,theassessedvaluationof
thenewlyacquiredrealpropertyshallbebasedonthemostrecent
assessedvaluationoftherealpropertybeforethetaxyearthat
theage-qualifiedtaxpayerbecameeligibleagainfortheexemption,
solongasithasbeenestablishedthatthenewlyacquiredproperty
isbeingmaintainedbythehomeownerashisorherprimary
residence.
ThisbillissimilartoHJR33&45(2023)andHJR80(2022).