Temporary Decrease Statutory Property Tax Revenue Limits

Similarly, the annual amount of property tax revenue that a school district may collect is limited to the greatest amount of the local share of statewide total program property tax revenue collected by a school district in a previous property tax year increased by the greater of 6% multiplied by the number of property tax years in a reassessment cycle or the sum of the percentage by which the general assembly annually increases the statewide base per pupil funding for public education from kindergarten through twelfth grade and the percentage increase in pupil enrollment for both the relevant property tax year and the other property tax year in the same reassessment cycle. Both of these statutory property tax revenue limits may also be waived by voters, except that individual school districts are not able to locally waive their individual property tax limits and, instead, must seek statewide voter approval to waive the school district limit.The bill temporarily reduces the operative percentage adjustments in these 3 statutory property tax revenue limits to 4% for property tax years beginning on or after January 1, 2027, but before January 1, 2033.(Note: This summary applies to this bill as introduced.)