HCS#2/HJR 78 - This constitutional amendment, if approved by the voters, provides that, beginning January 1, 2025, the assessed value of residential real property shall be the most recent assessment. For all reassessments of such residential real property, the assessed value shall not increase by more than the increase in inflation or by 4%, whichever is less, provided that the assessed value shall reflect the value added to the property as a result of new construction or improvements, as described in the act. This amendment is substantially similar to SJR 90 (2024) and is similar to HJR 85 (2024), HJR 120 (2024), HJR 184 (2024). JOSH NORBERG
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