Constitutional amendment to impose a limit on ad valorem taxes for real property, provide a new method of valuing real property for tax purposes, provide certain exceptions, and eliminate conflicting constitutional provisions

This bill proposes a constitutional amendment to cap property taxes on real estate at 1.5% of the property's full cash value, starting in 2025. It also establishes new rules for valuing property, including taxing tangible personal property based on depreciated cost and creating separate tax classes for agricultural land, livestock, and certain motor vehicles. The measure includes specific exceptions for debt incurred before 2025 and allows for special tax rules on school and community college bond projects if they meet strict accountability requirements. If approved by voters, the amendment would override existing constitutional provisions regarding uniform taxation and give the state legislature more flexibility in how different types of property are assessed.