State Question 847: Reduce Annual Increases in Property Values for Tax Calculations Amendment

Amend the state constitution to change the calculation of the fair cash value of property starting in tax year 2027 by: reducing the annual growth limit of the calculated fair cash value of property from 5% to 4%; reducing the annual growth limit of the calculated fair cash value of property that qualifies for a homestead exemption from 3% to 1.75%; and repealing the prohibition on any increase in fair cash value of homestead property for those aged sixty-five or older whose income exceeds the median amount determined by the U.S. Department of Housing and Urban Development.