Relating to the elimination of ad valorem taxes and the creation of a joint interim committee on the elimination of those taxes.

HB 265 creates a temporary joint committee (composed of five House members and five Senators) to study how to replace local property tax revenue if ad valorem taxes (commonly called property taxes) are eliminated. The committee must examine alternative tax methods, assess how political subdivisions (like cities and counties) could implement them, and determine if revenue redistribution would be needed to address disparities. It must report its findings and recommendations to the legislature by November 1, 2026, and the committee will dissolve on January 1, 2027. The bill does not eliminate property taxes itself but sets up a structured study to evaluate the feasibility of such a change.