Modifies provisions governing property taxes

Summary

The bill repeals several existing sections on property tax calculations and replaces them with new definitions and procedures. It obligates county assessors to notify each city, town or school district of valuation changes and forces those jurisdictions to reset their tax rates so revenue stays roughly the same, while respecting voter‑approved caps and inflation limits. It also sets limits on school district operating levies and specifies how railroad and utility property is treated in revenue calculations.

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