There will be a Public Hearing on the Reassessment Tax Rate at 5:30pm on March 29, 2018, which will be immediately followed by a Board of Supervisors Budget Worksession to hear budget proposals and discuss the FY2019 County Budget.
NOTICE OF PROPOSED REAL PROPERTY TAX INCREASE FOLLOWING REASSESSMENT
The County of Lunenburg proposes to increase property tax levies based on the 2018 Real Estate Reassessment.
- Assessment Increase: Total assessed value of real property, excluding additional assessments due to new construction or improvements to property, exceeds last year’s total assessed value of real property by 6.4% (percent). Note: 2017 Calendar Year assessed values were $868,128,900, the reassessed values for the 2018 Calendar Year are $924,053,400.
- Lowered Rate Necessary to Offset Increased Assessment: The tax rate which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed value of real estate with the exclusions mentioned above, would be $0.36 per $100 of assessed value. This rate will be known as the “lowered tax rate.” Note: 2017 Calendar Year assessments would yield $3,298,890 at 100 percent collection rate. In order to collect at that same total with 2018 Calendar Year reassessed values, the rate would drop $0.02 per $100 to $0.36 per $100 assessed value.
- Effective Rate Increase: The County of Lunenburg proposes to adopt a tax rate of $0.38 per $100 of assessed value. The difference between the “lowered tax rate” and the proposed rate would be $0.02 per $100, or 6.4% (percent). This difference will be known as the “effective tax rate increase.”
Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.
- Proposed Total Budget Increase: Based on the proposed real property tax rate, the total Fiscal Year budget of the County of Lunenburg will exceed last year’s by one-seventh (0.7%) of a percent.
This tax rate adjustment is made effective for the current tax year, Calendar Year 2018, and is not reflective of rates for upcoming calendar years (2019 and forward) which may be adjusted and adopted based on Budget Year (Fiscal Year) budgetary needs and will be advertised for a separate public hearing.
A public hearing on the increase will be held on Thursday, March 29, 2018 at 5:30pm in the General District Courtroom, Lunenburg Courts Building, Lunenburg, Virginia.
The public is invited and encouraged to attend It is the intention of the Lunenburg County Board of Supervisors to comply with the Americans with Disabilities Act. Should you need special accommodations, please contact the County Administrator’s Office at 434-696-2142 prior to the meeting date.