This week, MACo Legislative Director Kevin Kinnally testified before the House Ways and Means Committee in support of HB 508 – Property Tax – Constant Yield Tax Rate – Notification Requirement. By updating the antiquated, inefficient, and confusing constant yield tax law, this bill would provide shared constituents with a more efficient, accurate, and transparent overview of local policy decisions and deliberations.
From the MACo testimony:
Under current law, local governments must advertise and hold public hearings on proposals to enact a tax rate that exceeds the constant yield rate – even if the actual rate remains unchanged. Because statute requires the advertisement to include “Notice of Tax Increase,” constituents often do not understand that a county has simply adopted the same tax rate that had been in effect and that the notice is solely a function of a statutory requirement.
While HB 508 keeps the advertisement requirements in place, the bill replaces misleading and deceiving language with a more accurate description of local fiscal considerations. This will make the notice easier to understand, thereby improving government transparency and accountability.
More on MACo’s Advocacy:
Follow MACo’s advocacy efforts during the 2022 legislative session on MACo’s Legislative Tracking Database.
Learn more about MACo’s 2022 Legislative Initiatives.
Read more General Assembly News on MACo’s Conduit Street blog.