(1) For property tax years commencing on or after January 1, 2025, a local governmental entity's qualified property tax revenue for a property tax year must not increase by more than the property tax limit. (2) (a) To prevent the local governmental entity's qualified property tax revenue from exceeding the property tax limit, a local governmental entity's governing body shall either: (I) Enact a temporary property tax credit that is up to the number of mills necessary to prevent the local governmental entity's qualified property tax revenue from exceeding the property tax limit; or (II) Temporarily reduce the mill levy imposed by the local government entity. (b) Neither a temporary property tax credit enacted by a local governmental entity pursuant to subsection (2)(a)(I) of this section nor a temporary reduction by a local governmental entity pursuant to subsection (2)(a)(II) of this section of the mill levy imposed by the local governmental entity changes the underlying mill levy imposed by a local governmental entity. Therefore, reducing or eliminating a temporary property tax credit or a temporary mill levy reduction does not require prior voter approval under section 20 (4)(a) of article X of the state constitution. (3) If a local governmental entity's qualified property tax revenue exceeds the property tax limit for a property tax year and the local governmental entity does not comply with subsection (2) of this section, then the local governmental entity shall refund any qualified property tax revenue in excess of the property tax limit for the property tax year.
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