Introduced
by
To place before voters in the next general election a Constitutional amendment to revise the Proposal A cap on property tax increases, which limits increases in a property’s “taxable value” to the lesser of 5 percent or the inflation rate for the preceding year. The resolution would change this to prohibit the taxable value from going up by more than the percentage increase in the property’s state equalized value (which is based on market value), and to require taxable value to go down if SEV goes down. See also House Bill 5647 and HJR MM, which revise the way property taxes are calculated and levied to reflect an environment in which property values are falling rather than increasing.
Referred to the Committee on Tax Policy
