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DIGEST OF INTRODUCED BILL
Property tax assessment increases. Limits the annual increase in the gross assessed value of real property to the lesser of 3% or the percentage change in the Consumer Price Index for all Urban Consumers. Provides that the limit does not apply if: (1) the ownership of the property changes; or (2) the increase results from a factor that would have increased the assessed value even if neither an annual assessment adjustment nor a general assessment applied.