How does Amendment B impact local government revenue?

Under the current system, the decline in the residential assessment rate has constrained property tax revenue to local governments. The impact varies across the state, with the largest impacts occurring in areas without much nonresidential property or with only slow growth in home prices. These areas are generally small and rural; however, metropolitan areas with slow growth in home values are also impacted. Amendment B prevents further decreases in the residential assessment rate, thus preventing declines in local government property tax revenue used to provide local services.

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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?