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SB 992 - This act limits increases in assessed value due to reassessment of residential real property to a maximum of the inflationary rate over a prior year assessment. The reassessment cap only applies to a substantially identical piece of real property which has not changed hands. The act will only become effective upon passage of a constitutional amendment limiting increases in assessed value of residential real property until a transfer of ownership occurs. The act is similar to Senate Bill 79 (2003). JASON ZAMKUS
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