Senate Bill No. 233 Summary

• Caps annual increase in assessed value of homesteads to 5% for assessment dates after 2011 by limiting assessed value to 105% of the previous year's assessed value

• Exempts homesteads from the cap if ownership changes (entirely or partially) on or before the assessment date

• Exempts homesteads from the cap for increases resulting from physical changes made to the property

• Does not apply to increases from general reassessments or annual adjustments that recognize factors other than physical property changes

• Effective January 1, 2012, with the Department of Local Government Finance required to adopt implementing rules