The proposed bill introduces a new chapter, Chapter 72, titled "The Non-Owner Occupied Property Tax," which aims to impose a property tax on non-owner occupied residential properties assessed at one million dollars ($1,000,000) or more. The tax will be levied at a rate of five dollars ($5.00) for each one thousand dollars ($1,000) of assessed value for properties valued between one million dollars ($1,000,000) and two million dollars ($2,000,000), and at a rate of six dollars ($6.00) for each one thousand dollars ($1,000) for properties valued at two million dollars ($2,000,000) or more.

The tax administrator is empowered to impose this tax starting with the privilege year beginning July 1, 2025, and it will be in addition to any other taxes authorized by general or public laws. The bill outlines the responsibilities of the tax administrator, including the collection of taxes, the establishment of rules and regulations, and the handling of exemptions and appeals. Taxpayers will be required to keep records related to their properties and will have the right to appeal tax assessments under certain conditions.

The act is set to take effect on July 1, 2025.