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SCS/HCS/HB 506 - Under current law, political subdivisions that levy different rates on subclasses of real property are required to revise their rates if the amount of revenue derived differs from the amount that would result from using a single rate on all real property. This act would require school districts that levy different rates on subclasses of real property, due to a ballot measure approved by voters prior to January 1, 2011, to revise their tax rates if the amount of revenue derived differs from the amount that would result from using a blended rate on all real property. This act also allows any political subdivision that approved a tax increase after August 27, 2008, to levy a rate to collect substantially the same amount of tax revenue as would have been collected by applying the voter-approved increased tax rate ceiling to the total assessed valuation of the political subdivision on or before the election date, increased by the percentage increase in the federal Consumer Price Index. JASON ZAMKUS
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