Budget bummer: Albemarle boosts tax rate while treading water
C-VILLE Weekly Tuesday, February 23, 2016 at 12:05 p.m.
The culprits for the county’s grim economic outlook: a sluggish housing market and a growing service-demanding population, according to Foley. However, a former supe suggests the problem may lie with the board itself.
Foley’s proposed $375.2 million budget, barely .1 percent more than last year’s, suffers from a lag in the county’s largest source of revenue, property taxes, which make up about 60 percent of Albemarle’s income.
While there has been recovery from the housing bubble crash, county property assessments fell short of projected 2.25 percent increases, rising only 1.84 percent, he says.
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