HB558 Summary

• Authorizes the City of Hartselle to increase its municipal ad valorem tax rate by $0.73 per $100 of assessed property value, effective October 1, 2017, to replace an expiring Special School District Tax at the same rate.

• The expiring Special School District Tax of $0.73 per $100 is scheduled to expire September 30, 2017, which would reduce the Hartselle City School tax rate from $1.13 to $0.40 per $100 of assessed value.

• Revenue from the new municipal tax increase shall be distributed to the Hartselle City Board of Education for general public school purposes.

• Tax increase requires approval by majority vote of qualified Hartselle electors at a special municipal election held no later than March 31, 2016, before taking effect.

• Act becomes effective immediately upon passage and gubernatorial approval.