Amends existing law to provide that a new construction roll shall show certain reductions in taxable market value and to provide for exceptions; and to establish provisions regarding a certain amount that shall be subtracted from the dollar amount of property taxes certified for an annual budget.

REVENUE AND TAXATION -- Amends existing law to provide that a new construction roll shall show certain reductions in taxable market value and to provide for exceptions; and to establish provisions regarding a certain amount that shall be subtracted from the dollar amount of property taxes certified for an annual budget.