For purposes of the annual assessment required by § 10-6-105, the assessed value of an owner-occupied single-family dwelling may not increase more than three percent annually, beginning with the base amount as determined for assessment year 2026, or any subsequent base year as provided in this section, whichever is later. When a change in ownership of an owner-occupied single-family dwelling occurs, the property must be reassessed at its fair market value, to determine the property's base amount. When an owner-occupied single-family dwelling is sold between a willing seller and a willing buyer, with no coercion or advantage taken by either party, the property's base amount may not exceed the sales price of the property. For purposes of this section, "base amount" means: (1) The fair market value of any owner-occupied single-family dwelling, on November 1, 2020, increased by no more than three percent annually for each assessment required by § 10-6-105, which was completed in 2021, 2022, 2023, 2024, and 2025; (2) Where a change in ownership of an owner-occupied single-family dwelling has occurred between November 2, 2020, and October 31, 2026, inclusive, the fair market value of the property on the date of transfer or purchase, increased by no more than three percent annually for any assessment required by § 10-6-105, which was completed after the transfer or purchase in any year between 2021 and 2025, inclusive; or (3) Where a change in ownership of an owner-occupied single-family dwelling occurs on November 1, 2026, or later, the fair market value of the property. 16