Property tax increase limits.

Provides that for each calendar year beginning after December 31, 2023, an annual adjustment of the assessed value of certain real property may not exceed an amount equal to 3% over the assessed value of the real property for the prior tax year. Provides that the limitation does not apply if the assessment is based on substantial renovations or new improvements, a change of ownership, or uses that were not considered in the assessment for the prior tax year. Lists circumstances that do not constitute a change in ownership. Provides that substantial renovations or new improvements that replace all or a portion of a homestead property damaged or destroyed by a disaster may not increase the assessed value of the property when the square footage of the property as renovated or improved does not exceed 110% of the square footage of the property before the damage or destruction. Provides that the property's assessed value may not increase if the total square footage of the property as renovated or improved does not exceed 1,500 square feet. Provides that, subject to the 3% limitation, if the total square footage of the property as renovated or improved exceeds 1,500 square feet, the property's assessed value may be increased proportionately with regard to the renovated or improved portion of the property that is in excess of 110% of the square footage of the property before the damage or destruction.