Property Tax Rate Transparency Act.

SB 615, the Property Tax Rate Transparency Act, requires local governments in North Carolina to hold a vote on whether to use a revenue-neutral tax rate during years when they conduct a general property reappraisal. This affects counties, cities, and other local governments that reappraise property values. The bill mandates that governing boards vote on adopting a tax rate calculated to maintain the same total tax revenue as the previous year (after accounting for new property values), rather than automatically adjusting rates based on reappraised values. If approved by a majority, the local government must use this revenue-neutral rate in its budget; otherwise, it follows standard tax levy procedures. This changes how local tax rates are set during reappraisal cycles, making the rate decision subject to a formal vote.