Board proposes new real estate tax rate to offset 37% assessment increase

Prince Edward County's Board of Supervisors tackled significant financial changes during their April 15 meeting, focusing on the recent reassessment of real estate values. The new assessments, effective January 1, 2025, revealed an average increase of nearly 37%, prompting discussions on how to adjust the tax rate accordingly.

Currently, the real estate tax rate stands at 51 cents per $100 of assessed value. To counterbalance the rise in property values, the board is considering a revenue-neutral tax rate of 37 cents per $100. This adjustment would ensure that the total amount of real estate tax collected remains consistent with last year, despite the increased assessments.

The proposed budget, which aims to maintain or enhance service levels for residents, suggests a tax rate of 39 cents, reflecting a 5% increase. Key budget goals include competitive staff salaries, ongoing financial planning for capital improvement projects, and investments in community development, such as renovations to the elementary school and enhancements to public safety systems.

As the board moves forward, the focus remains on balancing the needs of the community while keeping tax rates manageable. The decisions made in this meeting will shape the county's financial landscape and service delivery in the coming year.