Creating Truth in Taxation Act

SB 474, the Truth in Taxation Act, requires West Virginia counties to calculate and publish a "revenue neutral rate" each year - based on prior year revenue and current property values - to prevent unexpected tax increases. Local governments (counties, cities, towns) collecting property taxes must use this rate as a ceiling for new tax rates, unless they hold a public hearing and provide detailed notices to property owners showing how proposed rates differ from the previous year. The bill mandates that notices include specific comparisons (e.g., tax rate changes, appraised values, and estimated taxes under both rates) mailed or emailed to taxpayers at least 10 days before hearings, which must occur by September 15. School districts and very small taxing subdivisions ($5,000 or less in annual property tax revenue) are exempt. This law aims to increase transparency in property tax decisions for local governments and taxpayers.