Proposes a constitutional amendment relating to residential real property tax assessments

This bill proposes a constitutional amendment to limit how much a homeowner's property tax assessment can increase each year. Starting in 2025, the assessed value of residential property can only rise by up to four percent annually, unless the home was recently sold or significantly improved by adding at least 25 percent more square footage. The amendment also clarifies that property in different categories, such as residential, agricultural, and commercial, must be taxed based on the same percentage of their true market value. If voters approve this change, local assessors will be restricted from raising residential tax rolls faster than the four percent cap allows, though they retain the ability to lower assessments.