HB4866 Summary

• State Board of Education shall establish and administer a property tax relief grant program for school districts beginning in State fiscal year 2025 and each year thereafter.

• School districts receiving grants must limit their maximum aggregate property tax extension to an adjusted maximum that is reduced by the grant amount received.

• Grant funds shall be distributed to school districts on a pro rata per-pupil average daily attendance basis using data from the prior school year's district report card.

• Creates the Education Property Tax Relief Fund as a special fund in the State treasury funded by annual transfers from the General Revenue Fund by September 1 each year.

• Governor's Office of Management and Budget shall certify an amount equal to 25% of total State general fund appropriations minus State contributions to six specified pension systems for transfer to the Education Property Tax Relief Fund; unexpended amounts return to the General Revenue Fund at fiscal year end.