IN SB0228

Caps annual increases in real property assessed values to the lesser of 3% or the Consumer Price Index for all Urban Consumers, effective for assessment dates after 2012

The cap does not apply when the entire or partial ownership interest in the property changes between assessment dates

Increases attributable to physical changes made to the property are excluded from the cap limitation

The limit applies only to value increases resulting from annual adjustments or general reassessments, not from actual property improvements

Effective date: July 1, 2012