Madison County supervisors are considering a 3-cent higher real estate tax rate than needed to bring in the same money as last year, in their 2005-06 budget discussions.
The numbers, however, are a little more complicated than that – and the tax rate isn’t going up.
…
Some properties doubled or even tripled in value, and overall there was a significant increase, he said. If the county charged only 56 cents per $100 using the new assessments, it would yield the same $6.2 million revenue as this year.
This is a regional and nationwide phenomenon. As property values increase, very rarely do the services provided by the municipalities increase by a commensurate amount. How do the local governments justify the often dramatic increases in their coffers?
From the DP (no longer available).
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I have been been representing buyers and sellers in Charlottesville, Albemarle, and Central Virginia since 2001. Get local insight born of experience.
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