Franklin County proposes real estate tax increase for balanced budget

In the heart of Franklin County, Virginia, the Board of Supervisors convened to discuss the county's financial future, revealing a cautious yet necessary approach to budgeting amid uncertain economic conditions. The meeting highlighted a significant shift in tax structure, particularly concerning the Mountain Valley Pipeline, which has become a focal point of both opportunity and risk for the county.

As the discussion unfolded, officials noted a transition in how personal property taxes are calculated for the pipeline, moving from personal property tax to the State Corporation Commission's corporation tax. This change is expected to result in a decrease of $8.90 per million dollars in personal property. Supervisor Carter emphasized the gamble involved in budgeting around the pipeline's revenue, acknowledging the conservative projections that have been made due to the unpredictability of the situation.

The proposed budget for fiscal year 2026 includes a modest increase in various taxes, including a 1¢ increase in the real estate tax and a 2% increase in the mills tax. While these adjustments may seem small, they are still significant to residents. The real estate tax rate, now proposed at 44¢, remains below the 41-year average for the county, reflecting a long-standing commitment to maintaining low tax rates while enhancing public services.

Officials pointed out that even with the proposed increases, the overall tax burden remains manageable. For instance, a homeowner with a property valued at $250,000 would see an increase of approximately $2 per month, or $25 annually. This perspective aims to contextualize the tax changes against the backdrop of improved services in fire, emergency medical services, law enforcement, and recreational facilities over the past four decades.

As the meeting concluded, the Board of Supervisors underscored the importance of balancing fiscal responsibility with the needs of the community. The discussions set the stage for a budget that not only addresses immediate financial needs but also positions Franklin County for sustainable growth in the years to come. The cautious optimism surrounding the budget reflects a commitment to transparency and responsiveness to the citizens, even as the county navigates the complexities of its economic landscape.