Bill Summary: SJR 57

• Proposes constitutional amendment to Section 8B of Article X limiting annual increases in fair cash value of locally assessed real property to 5%, except for homestead and agricultural property which are limited to 1% annual increases.

• Removes obsolete language from the Constitution regarding county compliance deadlines that were effective as of January 1, 1997.

• Changes take effect January 1, 2011, and do not apply when property title transfers or when improvements are made to the property.

• Designates the proposed amendment as the "Homeowners' Bill of Rights" and directs the Secretary of State to refer it to voters for approval.