SB620:

Real property taxes; rate of increase.

Bill Summary:

Real property taxes; rate of increase. Requires
the governing body of a locality to hold a referendum before making
most increases in their real property tax rate. Under current law,
the governing body of a locality is required to limit their real
property tax rate to a rate that would collect no more than 101 percent
of the amount of real property taxes collected for the previous year.
Increases above this rate may only be imposed if the locality holds
a public meeting. The bill replaces the public meeting requirement
with a requirement that any such increase be approved in a referendum.