What is the requirement for public notification when property tax budgets or rates increase significantly?

The correct choice pertains to "Truth in taxation," which is a policy designed to promote transparency and accountability in the property tax system. When property tax budgets or rates increase significantly, truth in taxation laws often require that local governments provide clear notice to the public and hold public hearings before finalizing the new rates. This process allows taxpayers to understand the reasons behind the increase, provides an opportunity for public input, and ensures that the governing bodies are accountable for their fiscal decisions.

This requirement is essential as it helps maintain trust between the government and its constituents while also promoting an informed citizenry. The notion of truth in taxation aims to prevent unapproved or sudden increases in tax liabilities that could disproportionately affect taxpayers without their knowledge or approval.