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, with specific exceptions for new construction, improvements, changes in property classification, disqualifications from exemption, and legal description changes. The amendment also ensures that the benefits of this assessed value limitation remain intact when property ownership is transferred, unless the legislature enacts exceptions.

If approved, the amendment will roll back the valuation starting point for tax year 2027, capping the assessed value increase compared to the 2022 assessed value, with provisions for properties not listed for taxation in 2022. The legislature will have the authority to define new construction and improvements, excluding normal repairs and maintenance. The resolution requires a two-thirds majority approval from both the Senate and House of Representatives and will be submitted to voters during the general election in November 2026, unless a special election is called sooner.