North Carolina S615 mandates local governments to vote on adopting a revenue-neutral tax rate during general property reappraisals.

North Carolina S615, the Property Tax Rate Transparency Act, requires local governments to vote on whether to adopt a revenue-neutral tax rate during the year of a general property reappraisal. If a majority of the governing board votes in favor, the budget ordinance will set property taxes at the revenue-neutral rate. Otherwise, taxes will be levied according to existing provisions. This act aims to increase transparency and public participation in the tax-setting process.

North Carolina S615 mandates local governments to vote on adopting a revenue-neutral tax rate during general property reappraisals.

North Carolina S615, the Property Tax Rate Transparency Act, requires local governments to vote on whether to adopt a revenue-neutral tax rate during the year of a general property reappraisal. If a majority of the governing board votes in favor, the budget ordinance will set property taxes at the revenue-neutral rate. Otherwise, taxes will be levied according to existing provisions. This act aims to increase transparency and public participation in the tax-setting process.