SB 5212 - DIGEST

(SUBSTITUTED FOR - SEE 1ST SUB)

     Provides that the assessed value of property is equal to the lesser of the current appraised value or a limited value determined under this act.

     Declares that the limited value is equal to the greater of:  (1) The improvement increase plus one hundred ten percent of the previous assessed value; or

     (2) the sum of: (a) the previous assessed value; (b) the improvement increase; and (c) twenty-five percent of the market increase.