What is Truth in Taxation? How will it Stop Surprise Taxes?
Truth in Taxation is a reliable way to increase transparency and accountability for property tax increases. While it does not limit property tax rates, it does make local elected officials think twice about increasing property taxes.
The proper function of taxation is to raise money for core functions of government, not to close budget gaps created by overspending. Increased public notice will Stop Surprise Taxes – letting Tennesseans have a voice before a property tax hike is passed along to them.
- Any local government that maintains a website must publish a 10-day advance notice of the public hearing date, time, and location of the proposed property tax hike vote.
- Local governments that have a spending problem (10%+ debt to asset ratio) will be required to give detailed notifications to taxpayers in advance of a vote.
- Taxpayers will be notified by mail of the proposed rate increase, how much their individual taxes will go up in both dollars and percentage, and given at least 10 days advance notice of the hearing date, time, and location of the vote.
- Local officials must allow any interested taxpayer the opportunity to speak for or against the tax increase. The final vote to increase property taxes may only take place after officials have heard from all interested taxpayers
Tell legislators to Stop Surprise Taxes. Demand transparency and accountability for property tax increases. Tell your lawmakers to vote YES for Truth-In-Taxation.