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 exemptions, 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 starting point for property valuation to the assessed value from tax year 2022 for the tax year 2027, with similar limitations on increases. The legislature will have the authority to define what constitutes new construction or improvements, explicitly 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 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.