The proposed bill, known as the Taxpayers Freedom Trilogy Act Two: Arresting Inside Millage, seeks to empower electors within a subdivision or taxing unit to initiate a reduction of property tax levies that fall within the ten-mill limitation. It introduces new sections 5705.262 and 5705.263 to the Revised Code, which outline the process for electors to file a petition with the county board of elections to propose a reduction in the tax rate. The petition must include a written argument in favor of the reduction, designate a committee of electors, and be signed by at least fifteen percent of the total number of votes cast in the most recent gubernatorial election. If the petition is deemed valid, the question of the proposed reduction will be placed on the ballot for the next general election.

Additionally, the bill allows the taxing authority to propose an increase in the tax rate, but only to the extent that it was previously reduced under the new provisions. This increase must be approved by a two-thirds vote of the taxing authority and will also be subject to a vote by the electors. The bill mandates that both the reduction and increase proposals include specific information in the election notices and ballots, ensuring transparency for voters. Overall, the legislation aims to give taxpayers more control over local tax rates while establishing clear procedures for both reductions and increases.