shall apply to all rates of taxes levied on an assessment
roll after a countywide revision as provided in subsection
(b), including millage rates established by referendum.
(b) Initial rate.--In the first year that any county
implements a countywide revision of assessment by revaluing the
properties and applies an established predetermined ratio or
changes its assessment base by applying a change in the
predetermined ratio, a taxing district levying its real estate
taxes on the revised assessment roll for the first time shall
reduce [its] each tax rate levied by the taxing district, if
necessary, so that the total amount of taxes levied for that
year against the real properties contained in the duplicate for
that rate does not exceed the total amount it levied on the
properties in the preceding year. [The] Each tax rate shall be
fixed at a figure that will accomplish this purpose.
(c) Final tax rate.--After establishing a tax rate under
subsection (b), a taxing district may, by a separate and
specific vote, establish a final tax rate for the first year in
which the reassessment is implemented to levy its real estate
taxes on the revised assessment. [The] Each tax rate under this
subsection shall be fixed at a figure which limits the total
amount of taxes levied for that year against the real properties
contained in the duplicate for the preceding year to not more
than 10% greater than the total amount it levied on the
properties the preceding year, notwithstanding the increased
valuations of the properties under the revised assessment.
(d) New construction.--For the purpose of determining the
total amount of taxes to be levied for the first year under
subsections (b) and (c), the amount to be levied on newly
constructed buildings or structures or on increased valuations
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