HB 1485 - DIGEST

     Creates a procedure to limit the rate of increase of the assessed values of owner-occupied real property so that the effect of rapidly rising property taxes is spread over a period of years.

     Designates the procedure for determining the assessed value of property.

     Requires a reevaluation upon a change of ownership.

     Provides that the act shall take effect if a constitutional amendment is approved by the voters at the next general election.