| 14 | 13 | | A BILL TO BE ENTITLED 1 |
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| 15 | 14 | | AN ACT TO REQUIRE UNITS OF LOCAL GOVERNMENT TO ADOPT A REVENUE 2 |
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| 16 | 15 | | NEUTRAL TAX RATE IN THE YEAR OF A GENERAL REAPPRAISAL. 3 |
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| 17 | 16 | | The General Assembly of North Carolina enacts: 4 |
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| 18 | 17 | | SECTION 1. G.S. 159-13 reads as rewritten: 5 |
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| 19 | 18 | | "§ 159-13. The budget ordinance; form, adoption, limitations, tax levy, filing. 6 |
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| 20 | 19 | | … 7 |
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| 21 | 20 | | (c) The budget ordinance of a local government shall levy taxes on property at rates that 8 |
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| 22 | 21 | | will produce the revenue necessary to balance appropriations and revenues, after taking into 9 |
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| 23 | 22 | | account the estimated percentage of the levy that will not be collected during the fiscal year. The 10 |
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| 24 | 23 | | budget ordinance of a public authority shall be balanced so that appropriations do not exceed 11 |
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| 25 | 24 | | revenues. 12 |
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| 26 | 25 | | (c1) For every year in which a general reappraisal of real property has been conducted in 13 |
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| 27 | 26 | | a local government, the budget ordinance of that local government shall levy taxes on property 14 |
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| 28 | 27 | | for that year at the revenue-neutral tax rate set out in G.S. 159-11(e). 15 |
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| 29 | 28 | | …." 16 |
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| 30 | 29 | | SECTION 2. This act is effective when it becomes law and applies to budget 17 |
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| 31 | 30 | | ordinances passed on or after that date. 18 |
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