Proposing amendment to Oregon Constitution to require assessment of property taxes at real market value and exemption for owner-occupied principal dwellings.

Proposes amendment to Oregon Constitution repealing ad valorem property tax assessment provisions created by House Joint Resolution 85 (1997) (Ballot Measure 50 (1997)), requiring ad valorem property taxes to be assessed on real market value of property, authorizing local taxing districts to increase permanent rate limits once in 10 years by submitting question to voters of district, directing Legislative Assembly to provide exemption from ad valorem property taxes for owner-occupied principal dwellings and tax lots upon which dwellings are located and increasing maximum collection rates imposed by Ballot Measure 5 (1990). Refers proposed amendment to people for their approval or rejection at special election held on same date as next primary election.