This bill proposes the creation of a new section to chapter 57-15 of the North Dakota Century Code, which establishes limitations on property tax levies by taxing districts without voter approval. The new legal language specifies that property taxes levied by a taxing district cannot exceed the amount levied in the previous year by more than the consumer price index, capped at three percent. However, there are exceptions for new taxable properties, changes in property tax exemptions, and temporary mill levy increases. Additionally, if a taxing district's actual percentage increase in property taxes is less than the allowed limit, it can carry forward the excess percentage increase for up to three succeeding taxable years.

The bill also outlines that certain levies, such as those for bonded indebtedness, state medical center funding, and specific special assessments, are exempt from these limitations. Furthermore, any levy exceeding the established percentage increase must be approved by at least sixty percent of the qualified electors voting on the measure during a statewide primary or general election. The bill emphasizes that local governments cannot override these provisions through home rule authority. The effective date for this legislation is set for taxable years beginning after December 31, 2024.