TRUTH IN TAX-REVENUE RATE

Summary

The bill amends the Truth in Taxation Law so that a taxing district must publish a notice and hold a public hearing if it proposes a tax rate that exceeds the revenue‑neutral rate. It defines the revenue‑neutral rate as the aggregate rate that would generate the same amount of property‑tax revenue as the prior year using the current year’s assessed values. The change is meant to give property owners clearer, earlier information about potential tax increases.

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