This bill proposes the creation of a new section in chapter 57-15 of the North Dakota Century Code that 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 several conditions under which adjustments to the previous year's budget may be made, such as when new properties become taxable, when property tax exemptions are reduced or eliminated, or when temporary mill levies are no longer applicable.

Additionally, the bill allows for a taxing district to exceed the budget limitation if a ballot measure proposing the increase is approved by at least two-thirds of the qualified electors during a statewide primary or general election. The bill defines key terms such as "consumer price index" and "taxing district," and it asserts that cities or counties cannot modify the application of these provisions under home rule authority. The effective date for this legislation is set for taxable years beginning after December 31, 2024.