“Of the People” is sponsoring a petition urging the Board of Supervisors to hold the line at 1% on property tax increases as the county begins its annual budgeting process.
It’s property tax assessment time again, and the county has announced an 11.84% increase in property values.
Under the Code of Virginia, if the reassessment causes taxes to go up more than one percent the county “shall reduce its rate of levy for the forthcoming tax year so as to cause such rate of levy to produce no more than 101 percent of the previous year's real property tax.”
In this case, the adjusted tax rate would be approximately $0.75 per $100 of assessed value.
The Code further states: “The governing body of a county, city, or town may, after conducting a public hearing, which shall not be held at the same time as the annual budget hearing, increase the rate above the reduced rate.”
If the Board votes to increase the rate above the reduced rate, “This difference will be known as the ‘effective tax rate increase.’”
This petition will be presented to the James City County Board of Supervisors (BOS) at their Regular Meeting on March 10, when the draft budget is introduced, and again April 14, when the board solicits public input. For more information about BOS meeting schedules, go here.
We encourage every resident in the household to sign.
Click here or on the document below to sign the petition.
