Currently, property in a special district is valued for assessment by calculating the property's actual value, multiplying the actual value by the assessment rate, and multiplying that product by the special district's mill levy. Beginning January 1, 2025, the concurrent resolution would require the property tax levy of a special district on a property to be calculated by dividing the actual value of the property by the total actual value of all taxable property in the special district and multiplying that quotient by the special district's budget. The concurrent resolution defines "special district's budget" as the special district's budget for the 2021 property tax year plus annual growth in inflation and the percentage change in the special district's population in the prior calendar year.
