Decreasing the rate of ad valorem tax imposed by a school district.

This bill lowers the property tax rate that Kansas school districts can charge on taxable property. It directly affects school districts, property owners, and the state school finance fund. The new law sets a 20-mill tax rate for the 2025-2026 and 2026-2027 school years, reduces it to 19 mills for 2027-2028, and then adjusts the rate annually to maintain the same revenue level as 2027-2028 while ensuring it never falls below 15 mills. Revenue collected under this tax must be sent to the state treasurer and deposited into the state school district finance fund, except for amounts used to pay bond debt on redevelopment projects. The bill also prohibits school districts from using certain tax increase procedures while this rate structure is in effect.