SB17-119 Summary

• Requires school districts that obtained voter approval to exceed property tax revenue limits (TABOR) to gradually restore their mill levies to the levels from the year immediately before that approval over a 5-year period beginning in 2017.

• Mill levies are restored in equal annual increments of one-fifth per year from 2017-2021, with districts capped at the mills they levied before voter approval was granted.

• Prohibits districts from levying mills that would exceed their total program funding as calculated before application of the negative factor.

• Addresses the projected $170 million reduction in school district property tax revenue due to a decrease in the statewide residential property assessment rate from 7.96% to 6.56% for the 2018 property tax year.

• Takes effect August 9, 2017, unless a referendum petition is filed, in which case it requires approval by voters at the November 2018 general election.