Subject:
Title
Public hearing regarding the real estate tax rate for Fiscal Year 2022-2023 to be set at $0.93 per $100 of assessed value
Body
Presented By: City Staff
Recommendation and Review
The January 1, 2022 general reassessment of real property resulted in an increase of 7.3 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 $0.90 per $100 of assessed value and is proposed to increase to $0.93 per $100 of assessed value.