Modifies provisions relating to property tax assessments

SJR 113 - This constitutional amendment, if approved by the voters, provides that, beginning January 1, 2027, 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 the Consumer Price Index 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.