Intended to stabilize school district mill levies and slow the erosion of local property tax revenues, the “Mill Levy Stabilization Act” caps local district mill levies at no more than 27 mills and freezes mill levies for districts with mill levies of 27 mills or less, thus protecting those districts from TABOR’s requirement that they lower their mill levy if increasing property values result in additional revenues. The mill levy cap applies to the property tax portion in the “Local Share” of the school finance formula and does NOT restrict the ability of local school districts to seek local voter approval for mill levy overrides to provide additional funding up to 25% of their total program funding. The mill levy cap/freeze does not apply to districts that have not held a successful de-brucing or TABOR election.
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