SPONSOR: Strickler
Upon voter approval, this Constitutional amendment would, beginning January 1, 2025, prohibit any new assessment or reassessment of residential real property from being increased by more than 4% annually from the most recent previous assessment, unless:
(1) Ownership of the residence passed from one individual or entity to another individual or entity through legal means, including a sale or probate proceedings on or after the previous assessment; or
(2) The increase reflects the value added to the residential real property as a result of new construction or improvements made to the property if the total square footage of such residence was increased by 25% or greater on or after the previous assessment.
The provisions of this resolution will not affect the ability of any county assessor to decrease the assessed value of any residential real property.
This bill is similar to HJR 120 (2024).