"Just like in Utah, when new property values are set this year, mill levies will automatically be reduced so that the new valuations bring in the same dollar amount of property tax to cities, counties, school districts, and other taxing entities as in 2020. If local officials want to increase the revenue-neutral mill levy, they must notify citizens of their intent, hold a public hearing to accept input, and then vote on the entire property tax increase they impose."





IOW, if values go up, tax rates go down so revenue that the taxing entities receive is the same amount as the previous year UNLESS they propose a budget increase and have public meetings to detail the proposed increases.