Establishes the Truth in Taxation Act to ensure transparency in property tax rates.

The Truth in Taxation Act mandates that county clerks calculate the revenue neutral rate for property taxes each year. This rate is the tax rate that would generate the same revenue as the previous year. The county clerk must notify taxpayers of the proposed tax rate and hold a public hearing. Governing bodies must approve exceeding the revenue neutral rate through a resolution or ordinance, requiring a majority vote after the public hearing. The act does not apply to taxing subdivisions with property tax revenue of $5,000 or less.

Establishes the Truth in Taxation Act to ensure transparency in property tax rates.

The Truth in Taxation Act mandates that county clerks calculate the revenue neutral rate for property taxes each year. This rate is the tax rate that would generate the same revenue as the previous year. The county clerk must notify taxpayers of the proposed tax rate and hold a public hearing. Governing bodies must approve exceeding the revenue neutral rate through a resolution or ordinance, requiring a majority vote after the public hearing. The act does not apply to taxing subdivisions with property tax revenue of $5,000 or less.