The proposed bill, known as the Taxpayers Freedom Trilogy Act Two: Arresting Inside Millage, seeks to empower electors within a subdivision or other 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, allowing qualified 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 votes cast in the most recent gubernatorial election. If the petition is validated, the question of the proposed reduction will be placed on the ballot for the next general election.

Additionally, the bill outlines the process for a taxing authority to propose an increase in the tax rate, which can only be done to the extent that the rate was previously reduced under the new provisions. The resolution for the increase must also include a written argument and will be subject to voter approval at the next general election. The bill ensures that if the electorate approves a reduction, the taxing authority cannot reallocate the reduced mills to other units without voter consent. Overall, this legislation aims to enhance taxpayer control over local tax rates and ensure transparency in the process of tax adjustments.