It’s a cap on growth in school property taxes
The House has amended SB 1501 to leave in place an advisory vote on reducing property tax while raising sales tax, but to also add in a 3 percent cap on growth in the school operations levy. It would be effective this year, so the state would have to appropriate an additional $16.2 million in state funds to public schools to make up the shortfall in the fiscal year 2007 budget. The idea is to slow the growth in that portion of the property tax.
