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Albemarle to advertise same real estate tax rate, lower personal property rate

The Albemarle County Board of Supervisors on Thursday approved advertising a real estate tax rate with no increase and a decrease to the personal property tax rate.

The county executive’s proposed fiscal year 2023 budget includes a recommended real estate tax rate of 85.4 cents per $100 of assessed value, the same as is currently in effect. Because of increased property assessments, the effective real estate tax rate — the rate that would bring in the same amount of tax revenue as last year — would be 78.8 cents per $100 of assessed value.

The proposed fiscal year 2023 budget also includes a recommended personal property tax rate of $3.42 per $100 of assessed value, a decrease of 86 cents or 20% less than the prior rate.

The personal property tax rate applies to business tangible personal property and individual vehicles, motorcycles and boats, as well as machinery and tools.

The board could adopt the advertised rate or lower it. A final public hearing on the budget will be April 27 with a final vote on the budget and tax rate on May 4.

Source: www.dailyprogress.com

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