Albemarle County Finalizes Proposed Property Tax Rate
Property taxes could be on the rise in Albemarle County, as the Board of Supervisors finalizes a proposed rate and its budget impact for the next fiscal year.
On Monday, supervisors hosted a budget work session where they finalized a tax increase of 1.5 cents per $100 of assessed value.
For context, that's about a $30 increase per year for a property worth $200,000.
County staff said the more than $30 million generated from the tax hike will go toward the capital budget.
A large chunk of that funding is slated to go toward the construction of a new high school.
The county can begin advertising the proposed tax bump to the public, giving community members a chance to weigh in.
“We'll advertise that. We’re now telling the public that the tax rate at the highest will be that amount, that’ll give them a chance to come back and give us public feedback throughout the next several weeks,” said Ned Gallaway, board chair member.
The total budget for the next fiscal year currently checks in at $456 million.
The Board of Supervisors will hold a public hearing dedicated to addressing the proposed tax increase on April 9.
Supervisors can make changes, and they are then expected to finalize the budget later in April.
03/04/2019 Albemarle County Press Release:
The Albemarle County Board of Supervisors voted today to set the tax rate for advertisement for the Fiscal Year 2020 proposed budget – at $0.854 cents per $100 of assessed value, an increase of $0.015 over the Calendar Year 2018 tax rate, dedicated to the capital program.