HJ0004

Proposes a constitutional amendment to authorize the legislature to determine the valuation method for residential property taxation and make related conforming changes to constitutional provisions.

• Amends Article 15, Section 1 to allow residential real property valued using a legislature-determined valuation method to be exempt from the requirement to be valued and assessed separately. (Article 15, Section 1, Sec. 1)
• Amends Article 15, Section 10 to exclude residential real property valued using a legislature-determined valuation method from state board of equalization duties. (Article 15, Section 10, Sec. 1)
• Amends Article 15, Section 11(a) to reference new subsection (e) regarding residential real property valuation. (Article 15, Section 11(a), Sec. 1)
• Modifies Article 15, Section 11(b) to allow residential real property to be valued using a legislature-determined method rather than full fair market value, while maintaining industrial property assessment requirements. (Article 15, Section 11(b), Sec. 1)
• Creates Article 15, Section 11(e) to authorize residential real property valuation using a legislature-determined method as prescribed by law. (Article 15, Section 11(e), Sec. 1)
• Requires the Secretary of State to endorse a statement on the proposed amendment explaining that it would authorize the legislature to determine residential property valuation methods instead of requiring fair market value assessment. (Sec. 2)

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