Property Tax Exemptions

HJR 357 proposes a constitutional amendment to create a $100,000 exemption from the assessed value of all real property for property tax calculations. This would directly affect all homeowners and property owners statewide by reducing the taxable value of their primary residences by $100,000, regardless of local tax rates or levies. The key mechanism is a permanent constitutional change, requiring voter approval to implement, which would alter how property taxes are calculated statewide. It does not change existing tax rates but reduces the taxable base for qualifying properties. This is a procedural constitutional amendment, not a new law.