Constitutional amendment to provide a new method of valuing real property for property tax purposes, provide a limit on property tax increases, provide certain exceptions, provide requirements for declared emergencies, provide for emergency bond levies, and eliminate conflicting constitutional provisions

This proposed constitutional amendment changes how Nebraska property taxes are calculated. It establishes two valuation methods for real property: "fair market value" (determined by assessors) and "taxable market value" (used for baseline tax liability), while capping annual tax increases at a set percentage for most properties. It includes key exceptions for agricultural and horticultural land, allowing separate tax treatment that doesn't require uniformity with other property types. The amendment also addresses emergency tax levies and eliminates conflicting existing constitutional provisions related to property taxation.