Question 4 Assessment Cap (I'll vote yes)
“Must Article III and Article X of the Constitution of this State be amended to authorize the General Assembly to establish the method of valuation for real property based on limits to increases in taxable value, adjusted for improvements and losses, of no more than fifteen percent over a five-year period, unless an assessable transfer of interest occurs; to provide that for purposes of calculating the limit on bonded indebtedness of political subdivisions and school districts, the assessed values of all taxable property within a political subdivision or school district shall not be lower than the assessed values for 2006; and to provide that the General Assembly, by general law and not through local legislation pertaining to a single county or other political subdivision, shall provide for the terms, conditions, and procedures to implement the above provisions?”
Explanation
If the question is approved, growth in the assessed value of real property would be capped at fifteen percent every five years, unless an assessable transfer of interest occurs. Also, for the purposes of calculating the limit on bonded indebtedness of political subdivisions and school districts, the assessed values of all taxable property within a political subdivision or school district would never be lower than the assessed values of tax year 2006.
Proposed Explanation
“This amendment will limit increases in the value of a parcel of real property for purposes of imposing the property tax to no more than fifteen percent every five years after the current value of the property has been adjusted: (1) to reflect improvements made to the parcel; (2) to reflect a decline in the value of the parcel; and (3) to reflect the value of the parcel when ownership of the property changes as the General Assembly by law defines such changes.”