Relating to the calculation of the voter-approval tax rate for certain taxing units.
Impact
By modifying the calculation of the voter-approval tax rate, this bill has implications for how local governments levy taxes and the fiscal authority they exercise. Local taxing units will need to integrate the updated formula into their budgeting processes, which may lead to changes in revenue collection. Additionally, this bill could enhance transparency in tax assessments and foster better public understanding of tax increases and their justifications.
Summary
House Bill 9 focuses on the calculation of the voter-approval tax rate for certain taxing units, aiming to refine how local governments determine this rate. The definitions and formulas for both the 'no-new-revenue tax rate' and the 'voter-approval tax rate' have been adjusted to respond to the changing fiscal landscape and enable local governments to manage their taxation processes more efficiently. This bill proposes specific calculation methodologies depending on whether the unit is a special taxing unit or a municipality/county with a population of less than 75,000, ensuring that smaller local entities are accommodated within the proposed adjustments.
Contention
Discussion surrounding HB 9 may include points of contention regarding the fairness of the tax system and the burden placed on taxpayers, particularly in smaller municipalities. Stakeholders may argue over whether the proposed changes effectively balance the need for increased funding for local services against the potential for tax increases that could strain residents' finances. Furthermore, concerns may arise regarding the complexity of the new formulas and whether local tax authorities have the necessary resources and understanding to implement these changes accurately.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Establishing the Pike reservoir project district act to provide for a lake and related commercial and residential development in Bourbon county and authorizing a governing board and sales and property tax increment financing for such project.