Tax rates; locality to fix at least 30 days prior to approval of budget for ensuing year. (SB783)

Introduced By

Sen. Steve Martin (R-Chesterfield)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Tax rates. Requires each locality to fix tax rates for an ensuing year at least 30 days prior to approval of the budget for the ensuing year, with separate public notices and separate public hearings. The bill also requires each locality to lower its real estate tax rate for the forthcoming tax year to produce no more than the previous year's real property tax levies when any annual assessment, biennial assessment, or general reassessment of real property by the locality would result in an increase in the total real property tax levied. The locality may increase the rate above the reduced rate after a public hearing held no sooner than 30 days after the rate reduction. The bill has a delayed effective date of January 1, 2009. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/18/2008Presented and ordered printed 089866268
01/18/2008Referred to Committee on Finance
01/28/2008Impact statement from TAX (SB783)
01/29/2008Continued to 2009 in Finance (16-Y 0-N) (see vote tally)
12/05/2008Left in Finance