The proposed bill introduces the Truth in Taxation Act to the Code of West Virginia, establishing new regulations regarding property tax rates and the necessary procedures for exceeding the revenue neutral rate. It defines key terms such as "revenue neutral rate," which is the tax rate that would generate the same property tax revenue as the previous year, and "taxing subdivision," referring to any political subdivision that levies property taxes. The bill mandates that county clerks calculate the revenue neutral rate annually and include it in budget notices. Additionally, it outlines the process for a governing body to exceed this rate, requiring public notice, hearings, and a majority vote.

Furthermore, the bill stipulates that if a governing body fails to comply with the outlined procedures for exceeding the revenue neutral rate, they must refund any over-collected property taxes. It also specifies that these provisions do not apply to school districts or to taxing subdivisions that collect $5,000 or less in property tax revenue. The bill aims to enhance transparency and accountability in property tax assessments and ensure that taxpayers are adequately informed about potential tax increases.

Statutes affected:
Introduced Version: 11-29-1, 11-29-2