Assembly Bill 504 mandates that property tax bills in Wisconsin include specific information regarding reductions in state aid to local school districts. This information must detail the gross reduction in state aid due to students enrolled in various parental choice programs, including the statewide parental choice program, the Racine Parental Choice Program, and the Milwaukee Parental Choice Program, as well as reductions resulting from payments made to private schools under the Special Needs Scholarship Program. The bill stipulates that this information should cover both the previous and current years, along with the percentage change between those years, unless no reduction occurs in a given year.

Additionally, the bill requires the inclusion of a standardized insert that explicitly states the amount of the gross reduction in state aid for the current year and the reasons for that reduction. It also notes that the school district had the option to increase property taxes to compensate for the loss of aid. This new requirement aims to enhance transparency for property owners regarding the financial impacts of state aid reductions on their local school districts.