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DIGEST OF INTRODUCED BILL
Elimination of property taxes. Adds Article 10, Section 10.5 to the Constitution to prohibit the imposition of ad valorem property taxes by the general assembly or a political or municipal corporation. Strikes Article 10, Section 1 (authorization to impose property taxes) and Article 13, Section 1 (municipal debt limitation based on the taxable value of property). Makes a conforming amendment to Article 8, Section 2. Establishes the effective date, and requires the general assembly to provide by law for a political or municipal corporation to pay after the effective year from any source of revenue, including property taxes, the obligations of the corporation to which the corporation pledged property tax revenue. This proposed amendment has not been previously agreed to by a general assembly .