Establishes the Truth in Taxation Act to set criteria for tax rates and public notice requirements.
The Truth in Taxation Act sets criteria for tax rates and public notice requirements for taxing subdivisions in West Virginia. It defines the "revenue neutral rate" as the tax rate that would generate the same property tax revenue as the previous year. A majority vote of the governing body is required to approve a budget exceeding this rate. The county clerk must calculate and publish the revenue neutral rate annually. Taxing subdivisions must notify taxpayers of their proposed tax rate and hold a public hearing.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.