Art. XIII, § 3.5
Adjusting veterans' exemption values
Duty
Taxes, Money & Commerce
Art. XIII · Taxation
Official text rightpowerlimitif conditionlegal term
In any year in which the assessment ratio is changed, the Legislature shall adjust the valuation of assessable property described in subdivisions (o), (p) and (q) of Section 3 of this article to maintain the same proportionate values of such property.
History: Sec. 3.5 added Nov. 6, 1979, by Prop. 3. Res.Ch. 85, 1978.
Simplified explanation
In any year the assessment ratio changes, the Legislature must adjust the valuation of property described in subdivisions (o), (p) and (q) of Section 3 to keep the same proportionate values.