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 filing a petition to reduce the tax rate. The petition must be signed by at least fifteen percent of the qualified electors and include a written argument in favor of the reduction. Once filed, the board of elections must notify the taxing authority, and during the petition review period, the taxing authority cannot change the levy rate. If the petition is validated, the question of 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 voter approval at the next general election. 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 more control to taxpayers over local tax rates while establishing a clear process for both reductions and potential increases.