SJR 50 - This constitutional amendment, if approved by the voters, provides that, beginning January 1, 2027, the assessed value of residential real property shall be the most recent assessment. For all subsequent reassessments of such residential real property, the assessed value shall not increase while the owner or owners continue to own such property. Residential real property that is purchased, newly constructed, or undergoes a change in ownership shall be reassessed at its true value in money as provided by law, after which the assessed value of such property shall not increase while the new owner or owners continue to own such property.

The assessed value of residential real property shall reflect the value added to the property as a result of new construction or improvements, as described in the act.

This amendment is substantially similar to SJR 90 (2024) and HCS#2/HJR 78 (2024), and is similar to HJR 85 (2024), HJR 120 (2024), HJR 184 (2024).

JOSH NORBERG

Statutes affected:
Introduced (1441S.02): 0.000

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Senate Committee Minutes:
SENATE COMMITTEE MINUTES Bill No.: SJR 50
Sponsor: Brattin
Hearing Date: 2/19/2025


COMMITTEE: Economic and Workforce Development

CHAIRMAN: Brown (26)

DATE REFERRED: 2/6/2025 DATE HEARING REQUESTED: 2/13/2025



STAFF:
Mary Beth Bruns
Frank Catanzaro
Josh Norberg


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