HB1040

This bill reduces the maximum property tax rates that school districts can charge on three categories of property starting in 2023. The general tax levy cap drops from $6.52 to $6.37 per $1,000 of property value, the agricultural property cap falls from $1.49 to $1.37 per $1,000, and the owner-occupied home cap decreases from $3.15 to $3.08 per $1,000. These lower limits mean school districts will collect less property tax revenue unless they receive approval to exceed the new maximums.