Subject:
Title
Public hearing regarding the real estate tax rate for Fiscal Year 2021-2022 to be set at $0.86 per $100 of assessed value
Body
Presented By: City Staff
Recommendation and Review
The January 1, 2021 general reassessment of real property resulted in an increase of 2.9 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 real estate tax rate is proposed to remain at $0.86 per $100 of assessed value.