HCR 2061 Summary

• Proposes constitutional amendment to limit residential property ad valorem taxes to maximum of 1% of property's full cash value.

• Reduces annual property value increase limit from 10% to 5% per year (or one-fourth of difference between prior value and current full cash value, whichever is greater) for taxation purposes.

• Exempts bonds and long-term obligations issued before January 1, 2011 from new property tax limitations.

• Establishes property valuation protection option for residents 65+ years old on primary residences with income limits (400% of supplemental security income for single owners, 500% for multiple owners).

• Requires Secretary of State to submit proposition to voters at next general election for approval.