This bill proposes the creation of a new section to chapter 57-15 of the North Dakota Century Code, which establishes limitations on the budgets of taxing districts without voter approval. Specifically, it stipulates that a taxing district's budget cannot exceed the final budget of the previous taxable year by more than the consumer price index. The bill outlines various scenarios that would allow for adjustments to the previous year's budget, such as the introduction of new taxable properties or changes in property tax exemptions. Additionally, it allows for a budget exceeding the established percentage increase limitation if approved by at least two-thirds of the qualified electors voting on the measure.

The bill also defines key terms, including "consumer price index" and "taxing district," and emphasizes that cities or counties cannot override these provisions through home rule authority. The effective date for this legislation is set for taxable years beginning after December 31, 2024. Overall, the bill aims to provide a structured approach to managing taxing district budgets while ensuring that significant changes require voter consent.