WV HB4929

Creates the "Truth in Taxation Act" requiring county clerks to calculate a "revenue neutral rate" annually for each taxing subdivision, which is the tax rate that would generate the same property tax revenue as the previous year based on current assessed valuations

Prohibits any taxing subdivision from levying a tax rate exceeding the revenue neutral rate without holding a public hearing and obtaining majority approval through a resolution or ordinance

Requires county clerks to notify taxpayers by mail or electronic means at least 10 days before public hearings when a taxing subdivision proposes to exceed the revenue neutral rate, with detailed information including current and proposed rates, property values, and estimated tax amounts

Mandates refunds to taxpayers if a governing body collects property taxes in excess of the revenue neutral rate without following the required public hearing procedures

Exempts school districts and taxing subdivisions receiving $5,000 or less in annual property tax revenue from these requirements