HB3082 Summary

• School districts with reserves of 50% or more of their operating budget for a levy year face an extension limitation of 0% for the next levy year, unless voters approve a higher rate in a referendum.

• The State Board of Education designates the specific point in time for measuring whether a school district has met the 50% reserve threshold.

• School districts meeting the 50% reserve threshold become subject to the Property Tax Extension Limitation Law beginning in levy year 2017.

• Referendum ballot language for affected school districts must present the extension limitation as increasing from 0% rather than from the standard 5%/Consumer Price Index baseline.

• No state reimbursement is required for implementing this mandate under the State Mandates Act.