A bill for an act relating to local government taxes, budgets, and authority, by establishing property tax limitations and modifying provisions relating to the assessment and taxation of property, certain taxpayer notices, bond issuances, and councils of governments, and including applicability and retroactive applicability provisions.

This bill establishes a 102% cap on annual property tax increases for local governments (excluding school districts) by limiting new tax levies to 102% of the prior year's certified tax amount, adjusted for voter-approved levies. It creates a new residential property tax exemption of up to $25,000 in taxable value for homeowners (effective 2026), excluding school district taxes. The bill also updates disclosure requirements, mandating annual mailed statements to property owners by March 15 showing tax details and limiting county/city taxes if reports are late. These changes apply retroactively to assessment years beginning January 1, 2026.