Albemarle County is seeking to raise real estate taxes and the City may be looking to do the same next year.
The Albemarle Board of Supervisors voted Tuesday to advertise a real estate tax rate of 82.4 cents per $100 of assessed property value, a 2.5-cent increase over the county’s current rate and a cent and a half higher than the rate that had been recommended by the county executive.
Because Albemarle property values have risen, the county also must advertise an equalized tax rate — the rate that would bring in the same amount of revenue as the current fiscal year. That amount is 75.6 cents per $100 of assessed value.
This part is critical:
The board also is considering how to fund infrastructure investments going forward. Revenue possibilities include a bond referendum, special tax districts and real estate tax increases.
However, other supervisors said they think the county needs to continue to increase investment in infrastructure and services to keep up with a growing population.
Pay attention folks.
From this week’s Charlottesville City Council meeting:
Szakos said she wants board to consider real estate tax increase as soon as discussion for next budget cycle begins
— Chris Suarez (@Suarez_CM) March 3, 2015