TO: | Honorable Steve Ogden, Chair, Senate Committee on Finance |
FROM: | John S. O'Brien, Director, Legislative Budget Board |
IN RE: | HB3495 by Otto (Relating to the contents of the notice of the meeting at which the governing body of a taxing unit will vote on a proposed ad valorem tax rate that will result in a tax revenue increase.), As Engrossed |
The bill would amend Section 26.06 of the Tax Code to expand the public notice of the meeting to adopt a property tax rate.
Under this bill, the current title of the notice would be changed from "NOTICE OF VOTE ON TAX RATE" to "NOTICE OF TAX REVENUE INCREASE." The proposed notice would also add language to the current notice reflecting the potential impact on total property tax revenue from the preceding year to the current year, based on last year's adopted rate and the current year's proposed rate.
This bill would take effect January 1, 2008.
Because the state is constitutionally prohibited from imposing a state property tax, there would be no direct fiscal impact on the state.
No significant fiscal implication to units of local government is anticipated.
Taxing entities may incur increased costs for compiling and distributing the additional required information.
Source Agencies: | 304 Comptroller of Public Accounts
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LBB Staff: | JOB, CT
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