Changes to Existing Law

10-12-42. For taxes payable in 2026, and each year thereafter, the levy for the general fund of a school district is as follows: (1) The Except as otherwise provided in this section, the maximum tax levy on nonagricultural property is five dollars and twenty-one and one-tenth cents per thousand dollars of taxable valuation, subject to the limitations on agricultural property as provided in subdivision (2) of this section and owner-occupied property as provided in subdivision (3) of this section; (2) The maximum tax levy on agricultural property for the school district is one dollar and twelve and five-tenths cents per thousand dollars of taxable valuation. If the district's levies are less than the maximum levies as stated in this section, the levies must maintain the same proportion to each other as represented in the mathematical relationship at the maximum levies; and (3) The maximum tax levy for an owner-occupied single-family dwelling pursuant to § 10-13-40 for the school district is two dollars and fifty-one and eight-tenths cents per thousand dollars of taxable valuation. If the district's levies are less than the maximum levies as stated in this section, the levies must maintain the same proportion to each other as represented in the mathematical relationship at the maximum levies. For taxes payable in 2028 and each year thereafter, the maximum levy for the general fund of a school district, for commercial-operator nonagricultural property, must be at least twenty-five percent lower than the maximum levy for nonagricultural property provided in subdivision (1) of this section. All levies in this section must be imposed on valuations where the median level of assessment represents eighty-five percent of market value as determined by the Department of Revenue. These valuations must be used for all school funding purposes. 31 If the district has imposed an excess levy pursuant to § 10-12-43, the levies must 32 maintain the same proportion to each other as represented in the mathematical 33 relationship at the maximum levies in this section. The school district may elect to tax at less than the maximum amounts set forth in this section. Section 9. Section of this Act is effective beginning July 1, 2027. 3

10-6-110. For the purposes of taxation, all property is hereby classified into the following classes: (1) Agricultural property; (2) Nonagricultural Commercial-investor nonagricultural property; and (3) Commercial-operator nonagricultural property; and (4) Owner-occupied single-family dwellings. Agricultural property includes any land classified as agricultural land pursuant to § 10-6-112 and any improvements on the agricultural land used exclusively for agricultural purposes. However, agricultural Agricultural property does not include any normally an occupied dwelling or or, automobile garage garage, or portion of a building used for that purpose by the occupant of such the dwelling. Owner-occupied single-family dwellings include all property classified pursuant to § 10-13-39. Nonagricultural property includes all other property not otherwise classified. classified as agricultural property or owner-occupied single-family dwellings, and further classified under section of this Act. The director, in listing and assessing all property to which this section applies, shall designate opposite each description the class to which the property belongs.