Senate Bill 2036 Summary

• Requires assessors to notify property owners at least 15 days before equalization board meetings when assessments increase by $3,000 or more and 10% or higher, with notice clarifying that assessment increases do not automatically mean property taxes will increase.

• Mandates taxing districts hold public hearings with specific notice requirements before imposing property tax levies exceeding the "zero increase number of mills" (the mill rate needed to generate the same revenue as the prior year).

• Creates a state-paid property tax relief credit equal to 12% of property taxes levied on taxable property, with the state advancing 75% of estimated credits by April 1 and making final payments by June 1.

• Appropriates $200,000,000 from the general fund for the biennium beginning July 1, 2013, through June 30, 2015, to fund the state-paid property tax relief credits.

• Applies the 5% early payment discount to property taxes after deduction of state-paid relief credits and directs that state-paid relief credit payments be applied to the tax year for which the credit is granted, separate from delinquent tax payment prioritization.