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Chesapeake Council discusses 3¢ personal property cut but holds rate after straw poll
Summary
City Manager presented scenarios showing a 3¢ personal property tax reduction is feasible this year but council’s thumb poll favored keeping the current rate; staff warned the change would reduce reserves amid state budget uncertainty and possible collective bargaining costs.
Chesapeake’s City Council spent much of its April 28 work session weighing whether to trim the city’s personal property tax and how to allocate roughly $234,677 in available funds in the FY27 proposal.
City Manager Mr. Price told council that, after amendments the body has already endorsed, the city’s uncommitted balance stood at about $234,677 and that staff had left a $1,000,000 reserve to address potential short‑term impacts from the state General Assembly. He offered three scenarios for a personal property tax cut — a 2¢, 3¢ or 4¢ reduction — and said the staff recommendation was that a 3¢ reduction could be accommodated in FY27 using…
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