Senate Bill 364, known as the 'Property Tax Relief Act of 2024,' is a comprehensive ad valorem taxation bill with several property tax reveisions of concern to GMA. SB 364 sets the base year assessed value of an individual's homesteaded property to the lowest value set during the 2020-2022 taxable years. The bill expands the three year lock on the valuation of property to a five year lock if a certified appraisal has been submitted and determined by the Board of Equalization, to be more accurate than the fair market value of the property as set by the tax assessor. In order to qualify for the five year lock, the appraised value must also be more than five percent lower than the value set by the tax assessor. SB 364 also requires the annual notice of current assessment to show taxes assessed on the property by each local government for the past three taxable years. Finally, the bill provides for a statewide floating homestead exemption which would restrict assessment increases on homesteaded property to 3 percent annually or by the rate of inflation, whichever is lower. A statewide election would be held to approve or reject the floating homestead exemption. If approved by voters, the bill would become effective on January 1, 2025.