SB 391 IN

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Provides that, notwithstanding any growth in a political subdivision's assessed value in the previous year, a political subdivision's ad valorem property tax levy shall not exceed the ad valorem property tax levy for its last preceding annual budget, unless the fiscal body of the political subdivision adopts an affirmative tax rate and tax levy increase by ordinance following a separate public hearing. Requires a resulting decrease in tax rates for each political subdivision in which there was an increase in the political subdivision's assessed value in the previous year, subject to any affirmative tax rate and tax levy increase adopted by the fiscal body of the political subdivision.

• James Buck Republican · author
• Michael Young Republican · author

1. Jan 13, 2025 First reading: referred to Committee on Tax and Fiscal Policy · upper
2. Jan 13, 2025 Authored by Senators Buck and Young M · upper