SB 2775 modifies the calculation of ad valorem tax rates for certain taxing units and revises procedures for approving tax rates that exceed the voter-approval tax rate. It amends the Education Code to require school districts to reduce their maintenance and operations tax rate when the state guarantees higher levels of funding per student. It also updates the Tax Code by changing formulas for calculating the no-new-revenue tax rate and the voter-approval tax rate, affecting how taxing entities adjust for new property, lost property, and sales tax revenues. Additionally, it repeals certain sections of the Tax Code that previously governed the application of unused increment rates​.