The bill proposes to limit the increase in property tax valuations for residential and agricultural properties in Minnesota. Specifically, starting from the assessment year 2025, the increase in taxable property value from one year to the next cannot exceed 2% of the previous year's value, unless the property is sold or improved. If a property is sold, the county assessor can reassess it based on its current market value. Increases in value due to improvements made to the property are exempt from this 2% limitation.