HCS#2HJR78--PROPERTYTAXASSESSMENTS(Coleman)
COMMITTEEOFORIGIN:SpecialCommitteeonPropertyTaxReform
Uponvoterapproval,beginningJanuary1,2025,thisproposed
Constitutional amendmentprovidesthatthetruevalueofall
residentialrealpropertythathasbeenmaintainedbythehomeowner
ashisorherprimaryresidenceshallbedeemedtobethesame
valuedeterminedatthemostrecentpreviousassessmentofthe
property.
Inanewassessmentorreassessmentoftheprimaryresidencethe
assessedvaluationofsuchpropertymaybeincreased,providedthat
theincreasedoesnotexceedthechangeintheConsumerPriceIndex
or2%,whicheverisless.Suchlimitedincreasemaybeexceededto
reflectthevalueaddedtothepropertyasaresultofnew
constructionorimprovements.