Why is the commercial assessment rate dropping from 29% to 24%?

The drop in the non-residential (commercial) assessment rate is about taxpayer equity, meaning those farmers and ranchers and land owners who have been locked in at 29 percent non-residential assessment rate, while the residential assessment rate has dropped from 21 percent to its current 7.2 percent, would see some tax relief. This change helps to restore the original intent of the Gallagher Amendment to provide balanced support for local government that has become distorted over the years.

The measure only applies to property taxes levied by school districts and all other local governments are unaffected by the measure.