Section X-8B: Limit on percentage of fair cash value of real property.

    Despite any provision to the contrary, the fair cash value of any
parcel of locally assessed real property shall not increase by more
than five percent (5%) in any taxable year.  The provisions of this
section shall not apply in any year when title to the property is
transferred, changed, or conveyed to another person or when
improvements have been made to the property.  If title to the
property is transferred, changed, or conveyed to another person, the
property shall be assessed for that year based on the fair cash value
as set forth in Section 8 of Article X of this Constitution.  If any
improvements are made to the property, the increased value to the
property as a result of the improvement shall be assessed for that
year based on the fair cash value as set forth in Section 8 of
Article X of this Constitution.  The provisions of this section shall
be effective January 1, 1997, and thereafter for counties which are
in compliance with the applicable law or administrative regulations
governing valuation of locally assessed real property as of such
date.  For counties which are not in compliance with such law or
regulations as of January 1, 1997, the provisions of this section
shall be effective January 1 of the year following the date the
county is deemed to be in compliance with such laws or regulations as
provided by law.  The provisions of this section shall not apply to
any personal property which may be taxed ad valorem or any property
which may be valued or assessed by the State Board of Equalization.
    The Legislature shall enact any laws necessary to implement the
provisions of this section.