This bill mandates that, starting January 1, 2026, any taxing entity must obtain majority approval from qualified electors before increasing its total property tax levy by more than the annual rate of inflation, as determined by the consumer price index. The elections for such approvals must be conducted in accordance with existing laws. Additionally, any increased property tax revenues resulting from the construction of new structures or improvements will not count towards the total amount of property tax levied for the current year when calculating the allowable increase.

The bill also specifies that its provisions do not apply to certain statutorily prescribed mill rate levies outlined in existing Kansas statutes. This legislation aims to provide taxpayers with more control over property tax increases while allowing for exceptions related to new construction. The act will take effect upon its publication in the statute book.