This bill proposes the creation of a new section in chapter 57-15 of the North Dakota Century Code that establishes limitations on property tax levies by taxing districts without voter approval. The new provisions stipulate 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, they may carry forward the excess for up to three succeeding taxable years.

The bill also outlines specific exclusions from the levy limitations, including new or increased property tax authority, taxes for bonded indebtedness, and certain special assessments. Any levy exceeding the established percentage increase limitation can only be imposed with voter approval, requiring at least sixty percent of qualified electors to agree. The bill emphasizes that local governments cannot override these limitations through home rule authority. The provisions of this act will take effect for taxable years beginning after December 31, 2024.