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2013 House Bill 4974: Require property assessments more quickly reflect market declines
Introduced by Rep. Lisa Lyons (R) on September 17, 2013
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.   Official Text and Analysis.
Referred to the House Tax Policy Committee on September 17, 2013