SB 17-119

Senate Bill 17-119, which has been signed into law, requires school districts that have received voter approval to retain extra property tax revenue beyond the state-imposed limit to gradually restore their mill levies over five years. This restoration aims to return the number of mills (a measure of property taxes) to what it was before they were allowed to keep additional funds. The bill ensures that these districts do not exceed a certain funding threshold, known as the total program funding, even after restoring the mill levies. This affects school districts and their local property taxpayers who benefit from stable education funding. Since the bill is signed, it has become law and will be implemented according to its provisions.

Official Summary

The bill requires each school district that has obtained voter approval to retain and spend revenues in excess of the property tax revenue limitation imposed on the school district by section 20 of article X of the state constitution to restore the number of mills it levies for purposes of total program funding under the 'Public School Finance Act of 1994' to the number of mills levied in the property tax year immediately preceding the year in which the school district received the voter approval. The mill levies are restored in equal increments over 5 years. A school district is not allowed to levy a number of mills that would exceed the school district's total program as calculated before application of the negative factor. (Note: This summary applies to this bill as introduced.)

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