2015 House Joint Resolution I

Require property tax assessments to more quickly reflect market declines

Introduced in the House

Feb. 17, 2015

Introduced by Rep. Lisa Posthumus Lyons (R-86)

To place before voters in the next general election a Constitutional amendment that 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, or reduced by the amount of decline in the assessed market value, whichever is less. Under current assessment practices, 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