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Council opens public hearing on proposed 2-cent real property tax increase
Summary
City staff advertised a proposed increase of the real estate tax rate from $0.98 to $1.00 per $100 of assessed value, estimated to raise nearly $2.5 million in FY27; council opened the public hearing and reminded residents a formally noticed hearing will be held April 6.
City staff opened a public hearing on March 16 to solicit input on a proposed 2-cent increase in the real property tax rate that is part of the FY27 budget process.
"We have advertised only the two cents," explained city finance staff during the presentation, referring to the legal advertisement required by Virginia code. The rate under consideration would increase the tax from $0.98 to $1.00 per $100 of assessed value and is projected to generate just under $2.5 million in additional revenue for the FY27 budget, staff said.
Staff and council clarified the distinction between advertising a maximum possible increase under state notice rules and the final rate council may adopt. A second, formally noticed public hearing is scheduled for April 6; council opened and then closed the hearing on March 16 with opportunities for future public comment.
No votes on the tax rate were taken at the March 16 meeting; council members encouraged residents to participate in the April 6 hearing and ongoing budget discussions.
Next steps: formal public hearing April 6 and continued budget deliberations before final vote on the FY27 tax rate.
