Revenue Neutral Rate Required.

HB 539 requires North Carolina local governments (like counties and cities) to set property tax rates at a revenue-neutral level following a general property reappraisal. Specifically, it mandates that tax rates for the year after a reappraisal must produce the same total revenue as the previous year, preventing increased tax revenue simply due to higher property values. This applies directly to local governments conducting a general reappraisal, ensuring their tax rates don't automatically rise when property values change. The bill amends existing law to enforce this requirement in the budget ordinance adopted after a reappraisal. It does not change tax rates for years without a reappraisal.