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.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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