Amends existing law to provide that a new construction roll shall show certain reductions in taxable market value with 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 and to provide that property that has become tax exempt may not be counted for 3% budget purposes.

REVENUE AND TAXATION -- Amends existing law to provide that a new construction roll shall show certain reductions in taxable market value with 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 and to provide that property that has become tax exempt may not be counted for 3% budget purposes.