Tuesday, April 17, 2007

Albemarle County property tax rates--pulling the wool over our eyes

The county board of supervisors has come up with a new property tax rate, which they will vote on in May. The proposed 68 cent rate is 10 cents more than what would be needed to keep the actual property taxes from increasing for home owners in Albemarle, because of the huge increase in property assessments. Before the new assessments, the tax rate was 78 cents.

This is a bit complicated, so I'll try an example. Let's say your house used to be assessed at $200,000, and you paid $1,500 in property taxes last year at the old 78 cent rate. This year, your house's value increased by 33% (approx average for the county) and is now valued at $266,000. If you were taxed at the 58 cent rate, you would owe the county $1,543, almost the same as before. But now the board of supervisors wants 68 cents--which makes your property tax bill $1,809, an increase of $266 or 17%. So the county is going to be getting a 17% increase in revenue. Some values increased by more, some by less, but I think 33% was the average increase.

There's a good article at the Jefferson Area Libertarians website on this subject, titled "Massive Tax Increase in Albemarle Labeled "Tax Relief"." Read it and weep.

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3 comments:

Anonymous said...

You might be interested to see this idiot realtor saying how good the increase in assessments are.

here is her blog

too bad she doesn't allow comments.

Tim said...

Orwellian.

Silvia said...

Hi Tim--thanks for commenting--do you have a blog? I couldn't access your profile.
Silvia