Feb 27 2007
DailyProgress.com | County GOP seeks lower tax rate
This is good stuff. DailyProgress reports that the Albemarle County Republican Committee is seeking a substantial decrease in the county’s real estate tax rate, now 74 cents per $100 of assessed value.
The Republicans’ argument hinges on a Virginia law that requires localities to hold a public hearing if property assessments go up more than 1 percent. If localities do not hold the public hearing, the tax rate cannot be set higher than the rate that would account for the increase in assessments.
In this case, Albemarle County Republicans say the rate would fall to 58 cents per $100 of assessed value to account for the rise in assessments. That amount would give the county slightly more in real estate revenue than what it had last year - that’s the point of the law, proponents of the Republican’s view say.