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allocation.__This paragraph shall apply to any replacement dwelling | | that was purchased or newly constructed on or after the date the | | county adopted the provisions of the subdivision relating to the | | transfer of base year value, but shall not apply to any replacement | | dwelling that was purchased or newly constructed before the passage | | of this article. |
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| | | 2.__Inflationary__rate.__The full cash value, listed on real | | and personal property tax bills as "Total value," as the total | | base may reflect from year to year an inflationary rate not to | | exceed 2 percent for any given year or reduction as shown in the | | Consumer Price Index or comparable data for the area under tax | | jurisdiction, or may be reduced to reflect substantial damage, | | destruction or other factors causing a decline in value. |
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| | | 3.__Newly constructed.__For purposes of subsection 1, the | | Legislature may provide that the term "newly constructed" shall | | not include both of the following. |
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| | | A.__The construction or addition of any active solar energy | | system. |
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| | | B.__The construction or installation of any fire sprinkler | | system, other fire extinguishing system, fire detection | | system or fire-related egress improvement, as defined by the | | Legislature, which is constructed or installed after the | | effective date of this paragraph. |
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| | | 4.__Change in ownership.__For purposes of subsection 1, the | | term "change in ownership" shall not include the acquisition of | | real property and personal property as a replacement for | | comparable property if the person acquiring the real or personal | | property has been displaced from the property by eminent domain | | proceedings, by acquisition by a public entity or a governmental | | action that has resulted in a judgment of inverse condemnation.__ | | The real and personal property acquired shall be deemed | | comparable to the property replaced if it is similar in size, | | utility and function, or it conforms to state regulations defined | | by the Legislature governing the relocation of persons displaced | | by governmental actions.__The provisions of this subdivision | | shall be applied to any property acquired after the date of | | passage, but shall affect only those assessments of that property | | that occur after the provisions of this subdivision take effect. |
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| | | 5.__Disasters.__Notwithstanding any other provision of this | | section, the Legislature shall provide that the base-year value | | of property that is substantially damaged or destroyed by a | | disaster, as declared by the Governor, may be transferred to | | comparable property, within the same town, city, plantation, | | unorganized territory or other district, that is acquired or |
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