Introduced
by
To place in statute the provisions of the constitutional amendment proposed by House Joint Resolution Y, which would revise details of the Proposal A property tax assessment cap. Specifically, if a property's assessed value has decreased, or has increased by less than both the rate of inflation level and 5 percent, then the owner’s “taxable value” in the immediately succeeding must be the same as the previous year. Currently, assessors use a “moving average” of a property’s value over several years, so if values go down an owner could still be assessed more.
Referred to the Committee on Tax Policy
