A. Except as otherwise provided in Article X of this
Constitution, beginning January 1, 1997, all property which may be
taxed ad valorem shall be assessed for taxation as follows:
1. Tangible personal property shall not be assessed for taxation
at less than ten percent (10%) nor more than fifteen percent (15%) of
its fair cash value, estimated at the price it would bring at a fair
voluntary sale;
2. Real property shall not be assessed for ad valorem taxation
at a value less than eleven percent (11%) nor greater than thirteen
and one-half percent (13.5%) of its fair cash value for the highest
and best use for which such property was actually used, or was
previously classified for use, during the calendar year next
preceding the first day of January on which the assessment is made.
The transfer of property without a change in its use classification
shall not require a reassessment based exclusively upon the sale
value of such property. In connection with the foregoing, the
Legislature shall be empowered to enact laws defining classifications
of use for the purpose of applying standards to facilitate uniform
assessment procedures in this state; and
3. All other property which is assessed by the State Board of
Equalization shall be assessed for ad valorem taxation at the
percentage of its fair cash value, estimated at the price it would
bring at a fair voluntary sale, at which it was assessed on January
1, 1996.
B. Beginning January 1, 1997, the percentage at which real or
tangible personal property is assessed within a county shall not be
increased except upon approval by a majority of the registered voters
of the county, voting at an election called for that purpose by a
majority of the county commissioners, or upon a petition initiated by
not less than ten percent (10%) of the registered voters of the
county based on the total number of votes cast at the last general
election for the county office receiving the highest number of votes
at the election. In no event shall the percentage be increased by
more than one percentage point per year or increase in excess of the
limitations set forth in paragraphs 1 and 2 of subsection A of this
section. The percentage at which real or tangible personal property
is assessed within a county may be decreased, within the limitations
set forth in paragraphs 1 and 2 of subsection A of this section,
without approval of the voters of the county.
C. Any officer or other person authorized to assess values or
subjects for taxation, who shall commit any wilful error in the
performance of the duties of the office, shall be deemed guilty of
malfeasance, and upon conviction thereof shall forfeit the office and
be otherwise punished as may be provided by law.