Constitutional amendment to provide a new method of valuing real property for property tax purposes, provide a limit on property tax increases, provide certain exceptions, provide requirements for declared emergencies, provide for emergency bond levies, and eliminate conflicting constitutional provisions

Summary

This bill proposes a change in how real estate is valued for property taxes, aiming to limit the amount property taxes can increase each year. It also includes special rules for emergencies and allows for emergency funding through bond levies while removing any conflicting rules in the state constitution.