County property owners facing another proposed tax increase
The Daily Progress Saturday, April 02, 2016 at 7:54 p.m.
With Albemarle County’s largest source of revenue looking to pull in less than anticipated and the local government having to spend more on mandates and obligations in the coming fiscal year, a proposed tax increase is on the table for its residents.
In County Executive Tom Foley’s proposed capital and operation budget for fiscal year 2017 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. The real estate taxes make up 60 percent of the county’s revenue.
The potential tax increase would bring the county’s rate to 84.4 cents per $100 of assessed value, which is currently at 81.9.
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