Revenue neutral is when a taxing jurisdiction budgets the exact same amount of property tax
revenue, in dollars, for the upcoming budget year as they did for the current
i.e. If a city uses
$1 million of property tax revenue in 2023, being revenue neutral means they
plan to only use $1 million in 2024 as well.
If a taxing jurisdiction plans to use more property tax revenue in the next budget year compared to the current year, even $1 more, they would exceed revenue neutral and need to hold a public hearing.