reduce the growth in the assessed value of owner-occupied property, limit increases in certain property tax revenues, revise provisions regarding school district excess tax levies, and revise eligibility requirements for a property tax assessment freeze.

Added a new section limiting total assessed value growth for owner-occupied single-family dwellings to three percent annually for taxes payable in 2027-2031, with exceptions for new improvements and property reclassifications.

Modified § 10-13-35 to cap property tax revenue increases at three percent for taxes payable in 2027-2031, replacing the previous index factor limitation.

Modified § 13-16-7 to clarify school district capital outlay tax levies, maintaining the three dollars per thousand taxable valuation limit while updating references to related statutes.

New Section 1 establishes a 3% annual cap on total assessed value growth for owner-occupied single-family dwellings in any county, effective for taxes payable in 2027-2031.

Counties may exceed the 3% cap by an amount equal to the assessed value of new improvements or property reclassified to owner-occupied single-family classification.

Section 2 amends § 10-13-35 to clarify that the 3% revenue growth limit applies to real property taxes, with exceptions for new taxing districts created after the effective date.

Section 3 amends § 13-16-7 to clarify that improvements to owner-occupied single-family dwellings that increase value by 40% or less are not counted as value increases for tax purposes.

New assessment limits apply to taxes payable in 2027 through 2031, extending the current property tax growth restrictions.

Owner-occupied single-family dwellings receive special protection, with counties limited to a 3% total assessed value increase unless new improvements are made.

Taxing districts can increase revenue by up to 3% or the index factor, whichever is less, with additional allowance of 2% for improvements or property value changes.

Counties must adjust assessed values for owner-occupied single-family dwellings according to specific statutory requirements in § 10-6-121.

Improvements to owner-occupied single-family dwellings that increase value by 40% or less are excluded from certain value increase calculations.