TO: | Honorable Jim Keffer, Chair, House Committee on Ways & Means |
FROM: | John S. O'Brien, Deputy Director, Legislative Budget Board |
IN RE: | HB1006 by Isett (Relating to certain limitations on the ad valorem tax rates of certain taxing units.), As Introduced |
This bill would reduce the maintenance and operations rollback rate factor to 1.03 from 1.08 for all taxing units except school districts.
The bill would require a county or city imposing property taxes of $5 million or more to publish notices and to hold a public hearing for any proposed tax increase above the effective tax rate. Current law permits adoption of a rate up to 3 percent above the effective tax rate before published ads and public hearings are required. The bill would require a county or city imposing taxes of $5 million or more to publish in newspaper ads the percentage increase in the proposed tax rate above the effective tax rate.
Since the bill does not apply to school districts, no impact to the State is anticipated.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, SD, WP, DLBe
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