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Board holds required public hearing on effective tax rate after projected assessment gains; no rate set
Summary
Staff told the board that assessed values (net of new construction) rose in the county’s estimate and that state code requires either equalization or an advertised effective increase; the board opened a public hearing, received comments urging rate reductions and additional review of assessments, and took no action on the real estate rate.
At a public hearing required by state law, a county staff presenter told the Prince George County Board of Supervisors that preliminary estimates from the county’s contractor indicated net assessed values (excluding new construction) had increased by about 12.3% and that the code of Virginia requires the county either lower its rate to maintain revenues at or below 101% of prior levies or advertise an effective tax increase.
Staff noted the “equalization rate” — a rate…
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