Currently, the state constitution allows taxing authorities, by a two-thirds vote, to increase ad valorem property tax millage rates without voter approval up to the maximum authorized rate in effect the prior year. The amendment would provide that ad valorem tax rates can be increased by a two-thirds vote of a taxing authority, and without voter approval, up to the maximum rate allowed by the constitution until the authorized rate expires. By removing language in the state constitution that caps a local jurisdiction's maximum tax rate to the prior year's rate, a local jurisdiction could set a tax rate that is lower than the state's maximum rate and subsequently increase it to the state's maximum rate with a two-thirds vote.

The maximum authorized rate is adjusted every four years in a statewide reassessment to keep the total amount of property taxes collected by a taxing district the same as the prior year. The maximum millage rate is defined as the maximum millage rate that can be levied in a tax year and that (a) is approved by voters before the statewide reassessment (b) is the rate set during the reassessment if the reassessment resulted in a decrease in property value, (c) is the prior year's maximum rate if the reassessment resulted in an increase in property value, which is kept the same until the next statewide reassessment occurs.

Millage rates are rendered in mills. A mill is one-tenth of 1%. For example, a 27 mill property tax rate would be equivalent to 2.7%. Property tax liability is determined by applying the millage rate to the taxable value of the property.