limit annual valuation increases on owner-occupied single-family dwellings and provide an exception for mill rate limitations on taxing districts.

Establishes a 3% annual cap on property tax assessment increases for owner-occupied single-family homes, protecting homeowners from rapid value-driven tax hikes.

Creates a new 'base amount' definition that calculates property value based on November 1, 2020 fair market value with annual 3% increases, or purchase price for properties transferred between November 2, 2020 and October 31, 2025.

Allows assessment increases above the 3% limit for property use changes, expansions, or improvements that increase valuation by 40% or less of current value.

Sets specific assessment rules for different time periods, with special provisions for ownership transfers occurring between November 2, 2020 and October 31, 2025.

Establishes a 3% annual cap on property tax assessment increases for eligible properties

Allows property reassessment at fair market value when ownership changes, but caps the new base amount at the sales price for arm's length transactions

Permits tax increases above the 3% cap for property additions, expansions, or changes in use/classification, limited to the actual value difference

Excludes improvements to existing structures from the 3% cap if they increase valuation by 40% or less of current value

Defines 'base amount' as fair market value on November 1, 2020, or transfer date for properties sold between November 2, 2020 and October 31, 2025

Sets assessment rules for years 2021-2024 and establishes 2025 as the starting year for the new 3% limitation