HB 450 - Forgone balance public hearing date

HB 450 - Forgone balance public hearing date

by
Phil Haunschild
February 6, 2018
Phil Haunschild
February 6, 2018

Bill description: HB 450 would allow taxing districts to adopt a resolution disclaiming their forgone balances at any time during the budget year.

Rating: +1

Does it directly or indirectly create or increase any taxes, fees, or other assessments? Conversely, does it eliminate or reduce any taxes, fees, or other assessments? 


When taxing districts in Idaho choose to increase property taxes by less than the maximum amount allowed by law, the remaining forgone balance can carry over into future budget years. This allows the taxing district to use that balance and increase future budgets by even greater amounts. HB 207 from the 2017 Legislative session established a new mechanism for taxing districts to choose not to carryover these forgone balances; after holding a public hearing and adopting a resolution, a taxing district can choose to permanently disclaim the balance. Currently, this resolution can only be adopted at the annual budget hearing for the taxing district.

The change HB 450 makes: Taxing districts would be able to pass a resolution, to permanently forego the foregone balance, at any point during the budget year.

HB 450 will still retain the requirements for public input. But, by allowing for the resolution to be adopted at any date, it will ensure that taxing districts can better protect their residents from exceedingly large tax hikes in the future.

(+1)

Idaho Freedom Foundation
802 W. Bannock Street, Suite 405, Boise, Idaho 83702
p 208.258.2280 | e [email protected]
COPYRIGHT © 2021 Idaho freedom Foundation
magnifiercrossmenucross-circle
>
linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram