SB 58

Under current law, a county, city, village, town, school district, or technical college district may exceed its property tax levy limit if the electors of that political subdivision or district approve the increase at a referendum. The ballot question must indicate the dollar amount of the increase in the levy limit. Under this bill, the ballot question must also provide a good faith estimate of the annual dollar amount difference in property taxes on a median-valued, single-family residence located in the political subdivision or district that would result from passage of the referendum.

Also under current law, in certain cases when local governmental units authorize the issuance of bonds, the local governmental unit must adopt a resolution stating the purpose of the bonding and the maximum amounts of borrowing. The local governmental unit, in certain cases, is required or authorized to seek approval of the bonding authorization at a referendum. Among other things, the referendum question must contain a statement of the purpose for which bonds are to be issued and the maximum amount of the bonds to be issued. Under the bill, the question must also provide all of the following:

1. The estimated interest rate and amount of the interest accruing on the bonds.

2. Any fees that will be incurred if the bonds are defeased.

3. A good faith estimate of the dollar amount difference in property taxes on a median-valued, single-family residence located in the local governmental unit that would result from passage of the referendum.