Establishes state percent of growth and categorical state percent of growth for budget year 2025, modifies property tax replacement payments.

This bill establishes a state percent of growth of 2 percent for the budget year beginning July 1, 2025, and a categorical state percent of growth of 2 percent for the same budget year. It modifies the calculation for property tax replacement payments for school districts, setting the per pupil property tax replacement amount for budget years beginning on or after July 1, 2025. The bill also includes provisions for the effective date, taking effect upon enactment.

Establishes state percent of growth and categorical state percent of growth for budget year 2025, modifies property tax replacement payments.

This bill establishes a state percent of growth of 2 percent for the budget year beginning July 1, 2025, and a categorical state percent of growth of 2 percent for the same budget year. It modifies the calculation for property tax replacement payments for school districts, setting the per pupil property tax replacement amount for budget years beginning on or after July 1, 2025. The bill also includes provisions for the effective date, taking effect upon enactment.