Subject:
Title
Public hearing regarding the real estate tax rate for Fiscal Year 2019-2020 to be set at $0.86 per $100 of assessed value
Body
Presented By: City Staff
Recommendation and Review
The January 1, 2019 general reassessment of real property resulted in an increase of 2.7 percent in real property assessments. Pursuant to Section 58.1-3321 of the Code of Virginia, a public hearing must be held when a general reassessment of real property results in an increase of one percent or more in the total real property tax levy. The current real estate tax rate is $0.85 per $100 of assessed value and is being proposed to increase to $0.86 per $100 of assessed value.