Revise treatment of tax increment upon expiration of tax increment financing provision

Renumbered an exemption clause from subsection (8) to subsection (7) and from item (5) to item (4), changing the specific text that defines when the main levy rule does not apply.

Removed decorative separator lines and updated bill numbering from 'SB 2.1' to 'SB0002.2'.

Renumbered a subsection from (5)(4) to (4) to align with the document's internal structure.

Added a detailed list of what constitutes 'newly taxable property,' including annexations, construction, property transfers, and subdivisions.

Explicitly excluded value increases from Tax Increment Financing (TIF) districts from being counted as newly taxable property to prevent double-counting.

Added a new requirement for the state department to calculate mill levies statewide and rounded to the nearest tenth of a mill.

Created specific exceptions where the standard levy calculation limits do not apply, including for emergency levies, judgment levies, and levies for regional resource authorities.

Adjusted the formulas for distributing guaranteed tax base aid to account for the inclusion of newly taxable property and the exclusion of TIF value increases.

Clarified how value is calculated for newly taxable class four property and subdivided real property for reappraisal purposes.

Added a requirement for the State Superintendent to increase tax multipliers to compensate school districts for lost guaranteed tax base aid and maintenance aid resulting from TIF district terminations.

Modified the definition of 'newly taxable property' to include the release of taxable value from TIF districts due to boundary changes, base value increases, or district termination.

Established a specific order for distributing the calculated tax adjustments: first to retirement aid (up to 305%), then to maintenance aid (up to 365%), and finally to facility entitlement aid (up to 300%).

Clarified that adjustments to tax multipliers take effect in the fiscal year following the adjustment and remain in effect for subsequent years unless changed by law.

Specified that the new funding mechanisms apply to eligible school districts and counties that would otherwise see a decrease in state aid due to TIF terminations.

Added a new exception allowing property tax levies to reimburse counties for the costs of transferring property records when a county boundary is relocated to an adjoining county.

Updated bill metadata including the bill number (changed from LC 0081 to SB 2), sponsor name (G. Hertz), and page headers.