Vote Smart's Synopsis:

Vote to pass a joint resolution that submits a constitutional amendment to the voters to reduce the allowable increases in property taxes that are first due and payable in 2012 and each year thereafter.

Highlights:

• Limits increases in tax liability on tangible property to a maximum of 1 percent of the gross assessed value (Sec. 2).

• Relies on the existing definition of "tangible property" as property that is used as a principle place of residence by the owner, an individual buying the property under a contract, or an individual who has beneficial interest in the owner (Sec. 2).

• Limits increases in tax liability on other tangible property being used for residential purposes to a maximum of 1 percent of the gross assessed value (Sec. 2).

• Limits increases in tax liability on agricultural property to a maximum of 2 percent of the gross assessed value (Sec. 2).

• Limits increases in tax liability on other real property to a maximum of 3 percent of the gross assessed value (Sec. 2).

• Defines "other real property" as property that is neither classified as tangible property nor used for residential or agricultural purposes (Sec. 2).

• Limits increases in tax liability on personal property to a maximum of 3 percent of the gross assessed value (Sec. 2).

• Exempts property taxes imposed after being approved by the voters (Sec. 2).

• Exempts counties that the General Assembly determines in 2008 would lose at least 20 percent of the aggregate property tax revenue as a result of the new cap that would otherwise be collected so that those counties can pay for debt services or make lease payments for bonds or leases entered into before July 1, 2008, and specifies that the exemption expires on December 31, 2019 (Sec. 2).

Full Bill Text