Establishes property tax limitations, modifies assessment and taxation, and changes bond issuance procedures for local governments.

The bill sets a maximum limit on the aggregate amount of property tax dollars that can be certified for levy by governmental entities, excluding debt service levies. It also introduces a property tax exemption for residential properties starting from January 1, 2026. The bill modifies the procedures for issuing bonds by local governments, requiring voter approval for certain bonds and changing the conditions under which bonds can be issued.

Establishes property tax limitations, modifies assessment and taxation, and changes bond issuance procedures for local governments.

The bill sets a maximum limit on the aggregate amount of property tax dollars that can be certified for levy by governmental entities, excluding debt service levies. It also introduces a property tax exemption for residential properties starting from January 1, 2026. The bill modifies the procedures for issuing bonds by local governments, requiring voter approval for certain bonds and changing the conditions under which bonds can be issued.