Vote Smart's Synopsis:

Vote to pass a bill that caps annual increases in property tax rates imposed by school districts at 4 percent or 120 percent of inflation, whichever is less.

Highlights:

- Exempts city school districts with populations in excess of 125,000 from the cap [sec. 1 (1)] - Allows school districts to increase property taxes at a rate in excess of the cap for one school year if the voters approve a referendum. The following levels of support are necessary for approval [sec. 2 (2-3)]:

- 60 percent of voters in a school district that received at least a 5 percent increase in State funding for the prior year; and - 55 percent of voters in a school district that received less than a 5 percent increase in State funding for the prior year.

Full Bill Text