Albemarle County Approves Raise in Real Estate Tax Rate, 2020 Budget
ALBEMARLE COUNTY, Va. (WVIR) - People who live in Albemarle County will be shelling out more cash next year at tax time.
On Tuesday, April 16, the Albemarle County Board of Supervisors approved an increased real estate tax rate along with the county's fiscal year 2020 budget.
Supervisors have approved the county's $456 million budget, and along with it they’ve raised the real estate tax rate another 1.5 cents per every $100 of assessed value.
That brings the tax rate up to 85.4 cents per $100.
Supervisors say the increase will generate close to $30 million to be used for capital improvement projects.
The total capital improvement budget for next fiscal year checks in at $68 million.
The bulk of the fiscal year 2020 budget is made up of the general fund, which pays for things like public safety, public works, and parks and recreation.
That comes in at $306 million.
“Anytime we get the budget complete, that's a good step,” Ned Gallaway, the chair of the board of supervisors, said. “It's a couple months of work, it’s a lot of time and effort by staff, the board holds extra meetings, we hear from the public, we hear from our community both through emails and public sessions, so to finally get all the decisions made, get everything finalized, we’re set and ready to roll so when the fiscal year starts July 1, we’ve got our budget set.”
The budget also allocates $191 million for the school system, which is the second largest allocation behind the general fund.
The school board is now expected to meet on Thursday, April 18, to balance its budget based on the funds it’s being allocated. Then board members will approve its final budget on April 25.