Proposition 117, known as the Property Tax Assessed Valuation Amendment, would cap the increase in assessed property values for tax purposes at 5 percent a year.

Supporters ofof the proposal say they want to lessen the tax burden on homeowners, especially when home prices spike, such as they did in 2006 and beyond.

Th proposition would not allow the housing market to jump dramatically up and down as it has in the past. Proposition 117 would keep the property values and thus taxes somewhat level.

Opponents say the proposition is misleading. Lynne Weaver, chair of Prop. 13 Arizona, said, “Proposition 117 can be easily and clearly summarized: It does nothing to limit property taxes.”

Critics say that's because it does nothing to limit tax rates, which can be raised to compensate for lack of valuation increases, and it doesn't stop creation of new tax districts or tax override elections.