Form 50-880 Notice of Public Hearing on Tax Rate - Proposed Rate Does Not Exceed No-New-Revenue Tax Rate, but Exceeds Voter-Approval Tax Rate; De Minimis Rate Exceeds Voter-Approval Tax Rate - Texas

What Is Form 50-880?

This is a legal form that was released by the Texas Comptroller of Public Accounts - a government authority operating within Texas. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 50-880?
A: Form 50-880 is a notice of public hearing on a tax rate proposal in Texas.

Q: What is the purpose of Form 50-880?
A: The purpose of Form 50-880 is to inform the public about a proposed tax rate that does not exceed the no-new-revenue tax rate, but exceeds the voter-approval tax rate.

Q: What is the no-new-revenue tax rate?
A: The no-new-revenue tax rate is the tax rate that would generate the same amount of tax revenue as the previous year, adjusted for changes in property values.

Q: What is the voter-approval tax rate?
A: The voter-approval tax rate is the tax rate that would generate the same amount of tax revenue as the previous year, adjusted for changes in property values, plus an 8% increase.

Q: What is a de minimis rate?
A: A de minimis rate is a tax rate that exceeds the voter-approval tax rate by a small margin.

Q: What happens in a public hearing on the tax rate?
A: In a public hearing on the tax rate, the public has an opportunity to provide input and voice their opinions on the proposed tax rate.

Q: What is the significance of the tax rate exceeding the voter-approval tax rate?
A: When the tax rate exceeds the voter-approval tax rate, it generally requires voter approval through a tax ratification election.

Q: Who is required to file Form 50-880?
A: Taxing units in Texas are required to file Form 50-880 when proposing a tax rate that exceeds the voter-approval tax rate.