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A. Except as provided in
Subsection B of this section, taxes levied upon tangible property shall be in
proportion to the value thereof, and taxes shall be equal and uniform upon
subjects of taxation of the same class. Different methods may be provided by
law to determine value of different kinds of property, but the percentage of
value against which tax rates are assessed shall not exceed thirty-three and
one-third percent. |
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B. The legislature shall
provide by law for the valuation of residential property for property taxation
purposes in a manner that limits annual increases in valuation of residential
property. The limitation may be applied to classes of residential property
taxpayers based on owner-occupancy, age or income. The limitations may be
authorized statewide or at the option of a local jurisdiction and may include
conditions under which the limitation is applied. Any valuation limitations
authorized as a local jurisdiction option shall provide for applying
statewide or multi-jurisdictional property tax rates to the value of the
property as if the valuation increase limitation did not apply. (As amended
November 3, 1914, November 2, 1971 and November 3, 1998.) |
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