Senate Bill 58 aims to enhance transparency in property tax referenda by requiring additional information to be included in ballot questions. Currently, local governmental units can exceed their property tax levy limits if approved by voters in a referendum, but the bill mandates that the ballot must not only state the dollar amount of the proposed increase but also provide a good faith estimate of the annual dollar amount difference in property taxes for a median-valued, single-family residence in the area. This requirement applies to various political subdivisions, including counties, cities, towns, and school districts.

Furthermore, the bill introduces new requirements for bond issuance referenda, stipulating that the ballot must include the estimated interest rate, total interest accruing on the bonds, any fees related to defeasance, and a similar good faith estimate of the property tax impact on a median-valued residence. The bill renumbers and amends existing statutes to incorporate these changes, ensuring that voters have a clearer understanding of the financial implications of their decisions regarding property taxes and bond issuances. The new provisions will take effect for referenda held 90 days after the bill's effective date.

Statutes affected:
Bill Text: 38.16(3)(br)3, 38.16, 66.0602(4)(c), 66.0602, 121.91(3)(c), 121.91