Assessments are up. So might be the mil rate.
Recommended budget value: $349.3 million
Increase over current year: 8.3 percent ($26.8 million)
Proposed real estate tax rate: 80.8 cents/$100 assessed value
Current rate: 76.6 cents/$100 assessed value
Impact: The annual tax bill on a property assessed at $300,000 would increase from $2,298 to $2,424 at the proposed rate.
Proposed raises: 2 percent for county staff
So – the tax rate cannot go higher than 80.8 cents/$100 assessed value. And it could stay at 76.6 cents. Of the proposed 4.2 cent increase, nearly half of that would be dedicated to the Albemarle County schools. This should be an interesting debate.
If you’re curious to learn even more about the Albemarle County budget, the County has a lot of information on their site.
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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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