Property Tax Revenue Increase Amendments

Summary

The bill caps the amount of revenue a local taxing entity can receive from newly‑developed property and creates a uniform minimum property‑tax rate that must be imposed by school districts. The rate is set by consensus among the State Tax Commission, the Governor’s Office of Planning and Budget, and the Legislative Fiscal Analyst to generate a prescribed amount of statewide revenue for basic school funding. It also clarifies election rules for voter‑approved local levies and directs excess revenues to state education accounts.

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