HB2896 amends the Property Tax Extension Limitation Law to clarify referendum requirements for tax rate increases.

HB2896 amends the Property Tax Extension Limitation Law to clarify the process for tax rate increases. It specifies that a taxing district can submit a proposition to voters for approval of a new tax rate or an increase in the limiting rate. If approved, the new rate or increased limiting rate can be effective for the levy year in which the proposition is approved or a prior year if the district certifies its election. The bill also outlines the form and content of the proposition, including the approximate amount of taxes extendable and the percentage level of assessment.

HB2896 amends the Property Tax Extension Limitation Law to clarify referendum requirements for tax rate increases.

HB2896 amends the Property Tax Extension Limitation Law to clarify the process for tax rate increases. It specifies that a taxing district can submit a proposition to voters for approval of a new tax rate or an increase in the limiting rate. If approved, the new rate or increased limiting rate can be effective for the levy year in which the proposition is approved or a prior year if the district certifies its election. The bill also outlines the form and content of the proposition, including the approximate amount of taxes extendable and the percentage level of assessment.