This bill modifies the Property Tax Act.
This bill:
- allows a taxing entity that reduces the taxing entity's budget below the previous year's budgeted revenue to increase, for a period of five years, the budget up to the base year budget without complying with the truth in taxation notice and public hearing requirements;
- repeals the requirement for a portion of revenue generated by the statewide multicounty assessing and collecting levy to be set aside for county distributions through the Property Tax Valuation Fund and redirects the set aside amount to the Multicounty Appraisal Trust; and
- makes technical changes.

Statutes affected:
Introduced: 59-2-919
Substitute #1: 59-2-919, 59-2-1602, 63I-1-259
Enrolled: 59-2-919, 59-2-1602, 63I-1-259
Substitute #2: 59-2-919, 59-2-1602, 63I-1-259