summary
Introduced
02/06/2026
02/06/2026
In Committee
02/13/2026
02/13/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Truth in Taxation Law in the Property Tax Code. Provides that the notice and hearing requirements apply if the taxing district proposes to extend a tax rate against all taxable property in the district that exceeds the revenue neutral rate. Provides that the term "revenue neutral rate" means an aggregate tax rate for the taxing district that would generate the same amount of property tax revenue as was levied by the taxing district in the previous tax year using the current tax year's total assessed valuation of all property in the taxing district. Makes changes concerning notice provisions.
AI Summary
This bill amends the Truth in Taxation Law by defining the "revenue neutral rate" as the tax rate a taxing district can levy to generate the same amount of property tax revenue as the previous year, using the current year's total assessed property value. The bill mandates that taxing districts must provide public notice and hold public hearings if they propose to adopt a tax rate that exceeds this revenue neutral rate. It also introduces new requirements for these notices, including specific content and formatting, and outlines procedures for county clerks to notify taxpayers about proposed tax increases, with provisions for electronic notification and consolidated notices for multiple taxing districts, aiming to increase transparency and taxpayer awareness regarding property tax rates.
Sponsors (1)
Last Action
Referred to Rules Committee (on 02/13/2026)
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