Relating to the current debt rate and tax rate of a taxing unit for ad valorem tax purposes.
What changed between versions
Added new requirement for tax notices to include a 'Comparison of Proposed Levy with Last Year's Levy on Average Residence' section showing dollar amounts for average market value, taxable value, and tax changes.
Added mandatory bold statements about senior citizens' tax protection (no increase above amount paid in first year after age 65) and voter-approval rate limits.
Added new requirement for notices to include fund balance information showing remaining interest/sinking fund and maintenance/operation balances.
Modified tax rate approval process to require 60% board vote for rates exceeding the standard calculation and require explanation of excess revenue use.
Modified debt obligation disclosure requirements to include anticipated debt payments and collection rate adjustments.
Modified definition of 'current debt service' in Tax Code to mean minimum dollar amount required for debt service in current year.
Set effective date of January 1, 2026 for all new requirements.
