Modifies provisions relating to property tax assessments

SJR 70 - 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 subsequent reassessments of such residential real property, the assessed value shall not increase while the owner or owners continue to own such property. Residential real property that is purchased, newly constructed, or undergoes a change in ownership shall be reassessed at its true value in money as provided by law, after which the assessed value of such property shall not increase while the new owner or owners continue to own such property.