Enacts provisions governing maximum percentages of local real property tax levies

Summary

The bill caps the total property tax a homeowner can pay, limiting it to 7% of the home's assessed value when the property is inside a city, town, or village, and to 6% when it is in the county outside those areas. If the combined taxes from all local taxing bodies exceed these limits, officials must proportionally reduce each levy. The measure aims to prevent excessive property tax burdens.

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