Albemarle Supervisors Advertise $0.71 Tax Rate

Supervisors advertise $0.71 tax ratAt their March 17th work session, the Albemarle County Board of Supervisors decided to advertise the 2008 real estate property tax rate at $0.71 per $100 of assessed value.  This rate represents a 3 cent rate increase over the 2007’s rate of $0.68.  The advertised rate is the maximum possible tax rate for 2008.  The Board of Supervisors will hold a public hearing on this tax rate on April 2nd.
The Board also received an assessment of funding shortfalls in this year’s budget.  Bob Tucker, the County Executive, indicated that the local government budget is facing a $900,000 deficit for the coming fiscal year. Tucker indicated that each penny increase in the tax rate would increase the budget $300,000 in the current fiscal year. A three cent increase would be necessary to balance the budget in the coming fiscal year. Staff’s calculations project a $3.5 million deficit for FY 2010. The Board discussed future funding of initiatives including affordable housing and the funding of frozen staff positions.

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