HB2289

THE CONTEXT: When school districts or municipalities hold elections to issue bonds or override their statutory budget limits, they must send out informational pamphlets that contain statutorily specified data and information. Among this information is a tax impact example, that shows the tax rate and cost of such an election passing, for the owner of a single-family home that is valued at $100,000 (A.

WHAT THE BILL DID: The final vetoed version would revise the informational pamphlet for the budget overrides and bond elections of s chool districts and municipalities to include, for the examples of the tax rate and estimated cost associated with the proposal, a single-family home valued at $100,000 and $300,000, revise the informational pamphlet for the bond election of a municipality to include, for the examples of the tax rate and estimated cost associated with the proposal, a commercial property valued at $2,000,000, and revise the Truth in Taxation hearing notice for a tax increase to include the estimated tax impact of an increase in property taxes on a home valued at $300,000.

WHY IT MATTERED: The practical reason for this bill was to make the state tax, regulatory, or economic rule for truth in taxation more predictable. It would revise the informational pamphlet for the budget overrides and bond elections of s chool districts and municipalities to include, for the examples of the tax rate and estimated cost associated with the proposal, a single-family home valued at $100,000 and $300,000, and would also revise the informational pamphlet for the bond election of a municipality to include, for the examples of the tax rate and estimated cost associated with the proposal, a commercial property valued at $2,000,000, rather than leave the current rule unchanged.