{"id":466,"date":"2026-06-16T20:36:44","date_gmt":"2026-06-16T20:36:44","guid":{"rendered":"https:\/\/northcarolinamovingjournal.com\/?p=466"},"modified":"2026-06-16T20:36:44","modified_gmt":"2026-06-16T20:36:44","slug":"senate-committee-advances-truth-in-taxation-bill","status":"publish","type":"post","link":"https:\/\/northcarolinamovingjournal.com\/?p=466","title":{"rendered":"Senate committee advances \u2018Truth in Taxation\u2019 bill"},"content":{"rendered":"
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A Senate committee on Tuesday advanced a bill that would prohibit local governments from adopting a property tax rate exceeding the revenue-neutral tax rate after a tax revaluation unless they publicize their intent to do so.<\/span><\/p>\n

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To avoid raising property owners\u2019 tax bills after a tax reappraisal, local governments can lower their overall property tax rate to offset the increase in values, so they\u2019re collecting the same amount of revenue. That\u2019s what\u2019s known as a revenue-neutral rate. <\/span><\/p>\n

However, supporters of the bill say local governments aren\u2019t fully offsetting the revaluation. They say local governments claim they\u2019re lowering the property tax rate, but the real tax bill that a property owner pays still goes up.\u00a0<\/span><\/p>\n

Under , dubbed \u201cTruth in Taxation,\u201d local governments would be required to pass a resolution or ordinance to allow the tax rate to exceed the revenue-neutral rate. The bill also requires them to publish public notices of intent to exceed the revenue-neutral rate and to hold a public hearing about it.<\/p>\n

Counties and municipalities that do not comply with S992 would have to refund any property taxes collected that exceed the revenue-neutral tax rate.\u00a0<\/span><\/p>\n

Sen. Carl Ford (R-Rowan), a bill sponsor,\u00a0 said S992 would increase transparency by making it mandatory for local government officials to tell taxpayers when they plan to increase their tax bills.\u00a0\u00a0<\/span><\/p>\n

\u201cWhat\u2019s wrong with that?\u201d Ford asked during a senate committee meeting Tuesday.<\/span><\/p>\n

Ford said some homeowners don\u2019t know how much they\u2019re paying in taxes because the payments are rolled into the mortgage.<\/span><\/p>\n

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\u201cNo one cares because no one knows,\u201d Ford said.<\/span><\/p>\n

Sen. Lisa Grafstein (D-Wake) thanked Ford for S992 and quipped that she \u201cwished we could have a bill\u201d that brought transparency to the state budget.\u00a0\u00a0\u00a0<\/span><\/p>\n

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NC property tax moratorium bill nears the finish line<\/p>\n<\/blockquote>\n