The Cap Assessed Value Protection (CAP) Amendment proposes to amend the Kansas state constitution to limit annual increases in the assessed value of certain properties to a maximum of 3%, or a lesser percentage as determined by law. This limitation applies to real property classified in any subclass and personal property classified as mobile homes used for residential purposes. Exceptions to this limitation include instances of new construction, improvements made to the property, changes in classification, disqualification from exemption, first-time listings for taxation, corrections of errors, or changes in legal descriptions. The amendment also ensures that the benefits of this assessed value limitation remain intact when property ownership is transferred, unless the legislature enacts provisions to the contrary.

If approved, the amendment will roll back the valuation starting point for tax year 2027, ensuring that the final taxable assessed value does not exceed the assessed value from tax year 2022 by more than the specified percentage, barring any exceptions. The legislature will have the authority to define new construction and improvements and to enact additional legislation to manage the provisions of this limitation. The resolution requires a two-thirds majority approval from both the Senate and House of Representatives and will be presented to voters in a special election on August 4, 2026. A vote in favor of the amendment would implement these changes, while a vote against it would maintain the current constitutional provisions.