How does Amendment B affect nonresidential taxpayers?

Under Amendment B, the assessment rate will remain in state law at 29 percent for most nonresidential property. Amendment B will have no impact on the amount of taxes paid by most nonresidential property owners. 

In the local governments that have approved automatic mill levy increases to offset revenue reductions from the Gallagher Amendment, Amendment B will prevent property tax increases for businesses, farmers, and other nonresidential property owners, as the higher mill levies that would have been triggered by decreases in the residential assessment rate under the Gallagher Amendment will no longer be required.

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1. What does Amendment B do?
2. How are property taxes calculated?
3. How has the residential assessment rate changed over time?
4. What factors impact property taxes?
5. What are the automatic mill levy increases that some local governments have adopted?
6. How does Amendment B affect residential property taxpayers?
7. How does Amendment B affect nonresidential taxpayers?
8. How does Amendment B impact local government revenue?
9. How does Amendment B impact state government spending for schools?
10. If Amendment B passes, can the state legislature change the assessment rates?