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 may affect budget calculations, such as changes in property tax status and temporary mill levy adjustments. It also clarifies that any budget exceeding this limitation can only be adopted through a ballot measure approved by at least two-thirds of the qualified electors.

Additionally, the bill defines key terms such as "consumer price index" and "taxing district," and asserts that cities or counties cannot override these provisions under 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 increases are subject to voter consent.