Texas SB2775 amends formulas for calculating ad valorem tax rates and voter-approval tax rates for taxing units.

Texas SB2775 amends the calculation formulas for the no-new-revenue tax rate and voter-approval tax rate for taxing units. It specifies that these rates are calculated using certain formulas involving last year's levy, lost property levy, current total value, new property value, and sales tax gain rate. The bill also details the conditions under which a taxing unit must seek voter approval for a tax rate exceeding the voter-approval tax rate or de minimis rate. It takes effect January 1, 2026.

Texas SB2775 amends formulas for calculating ad valorem tax rates and voter-approval tax rates for taxing units.

Texas SB2775 amends the calculation formulas for the no-new-revenue tax rate and voter-approval tax rate for taxing units. It specifies that these rates are calculated using certain formulas involving last year's levy, lost property levy, current total value, new property value, and sales tax gain rate. The bill also details the conditions under which a taxing unit must seek voter approval for a tax rate exceeding the voter-approval tax rate or de minimis rate. It takes effect January 1, 2026.