Senate Substitute for HB 2396 by Committee on Assessment and Taxation - Authorizing the use of a protest petition to limit funding of a taxing jurisdiction by property tax revenues exceeding a certain amount, providing for a protest petition notice to be sent to taxpayers and modifying the content requirements of the revenue neutral rate hearing notice.
What changed between versions
Changed the mechanism for limiting property tax increases from a protest petition filed by citizens to a mandatory election where a majority of qualified electors must approve the budget.
Added a specific threshold for property tax increases, allowing increases up to the consumer price index plus 3% without a vote, while requiring a vote for any increase above that limit.
Removed the provision allowing a protest petition to be filed by 10% of voters to limit funding, replacing it with the mandatory election requirement.
Established a new 'protest petition notification costs fund' to pay for notices sent to taxpayers regarding the election process.
Extended the period for reimbursing taxpayer notification costs from the previous end date to cover calendar years 2024 through 2031.