Increased property tax rate in proposed Albemarle budget
The Daily Progress Friday, February 19, 2016 at 6:34 p.m.
Albemarle County Executive Tom Foley’s budget proposal for the upcoming fiscal year does not include requests for substantial amounts of new or increased spending, but it does call for an increase in the property tax rate.
Foley unveiled the details of his proposal to the county Board of Supervisors on Friday.
In his combined capital and operation budget request of more than $375 million — up 0.1 percent, or $479,284, from the previous year — Foley is asking the Board of Supervisors for a 2.5-cent increase on the property tax rate to make up for what he called slow growth in the county’s largest revenue source, real estate revenues.
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