Vote Smart's Synopsis:

Vote to pass a resolution that amends the state constitution to freeze the value of residential real property at the 2008 valuation amount until it is sold or the property has undergone construction, additions, or improvements.

Highlights:

- Requires the reappraisal of residential property at fair market value if it has undergone construction, additions, or improvements that require a building permit [sec. 1 (b.1)]. - Requires residential property be annually reappraised at fair market value if it has been sold or transferred to someone other than the owner's spouse, as long as an increase in the assessed value does not exceed the rate of inflation [sec. 1 (b.1)]. - Requires the state revenue commissioner to set the annual inflation percentages based on the current economic situation, and allows the commissioner to use the Consumer Price Index to determine the inflation rate [sec. 1 (b.1)].

Full Bill Text