The market value would be reset every 5 yrs but the 3% cap on taxable value he’s proposing would still be in play. So essentially your taxes would go up 3% annually automatically in perpetuity.
where the caps and revalue cycle really gets tricky is ppl buying and selling, just like with a homestead value cap resetting the same is true here… so all you first time buyers just getting fucked harder down the line where 30 something young family is paying 15k in taxes while bob and Myrtle next door pay 5k for same home
I think he’s skipping a step though as he desperately wanted a ban on taxpayer funded lobbying, ie cities/schools shouldn’t be able to hire lobbyists to help their cause on legislation. It failed to pass last session so they’ll still be able to defend themselves to some degree on this
with that said I’ve heard from an insider that lobbyists are actually losing impact these days bc just about everything is top down leverage voting and the assholes at the top aren’t swayed by hookers/blow/steakhouses, it’s gotta be Jeff Yass level money
(I’ll caveat this with his plan is very light on details but there’s no way his dream plan would allow taxes to skyrocket jump every 5 yrs)