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 increases, and provides guidelines for adjusting the previous year's budget accordingly.

Additionally, the bill allows for a taxing district to exceed the budget limitation through a ballot measure, which must be approved by at least two-thirds of the qualified electors voting in a statewide primary or general election. The measure can only be approved for one taxable year at a time. The bill also 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.