Proposing amendment to Oregon Constitution relating to ad valorem property taxation.

Proposes amendment to Oregon Constitution providing that, for purposes of ad valorem property taxation under Ballot Measure 50 (1997), property that is subject of sale or other transfer shall have maximum assessed value equal to property's real market value, only for first tax year that begins after sale or other transfer becomes final. Refers proposed amendment to people for their approval or rejection at next regular general election.