Real property taxes; rate of increase.

Real property taxes; rate of increase. Requires the governing body of a locality to hold a referendum before makingmost increases in their real property tax rate. Under current law,the governing body of a locality is required to limit their realproperty tax rate to a rate that would collect no more than 101 percentof the amount of real property taxes collected for the previous year.Increases above this rate may only be imposed if the locality holdsa public meeting. The bill replaces the public meeting requirementwith a requirement that any such increase be approved in a referendum.