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Audit/Finance Committee recommends lower town real estate rate after 34% county reassessment
Summary
The Council approved Audit/Finance Committee recommendations after Chair Laura Taylor said Wise County reassessments averaged 34%; the Committee proposed lowering the town real estate rate to 0.295 per $100, raising the personal property rate by $0.01, and increasing water service and pool fees.
Laura Taylor, Chair of the Audit/Finance Committee, reported to the Council that Wise County's reassessment raised average real estate values by 34% and that the County retained its real estate tax rate at $0.69 per $100 of assessed value. Taylor said the Committee recommended the Town reduce its own real estate tax rate from $0.315 to $0.295 per $100 "in an effort to alleviate some of the financial burden placed on Town residents by the hefty County increase."
Following Taylor's presentation, Councilmember S. Duane Phillips moved to approve the Committee's recommendations; Teresa Adkins seconded the motion and the roll-call vote was 5-0 in favor. The motion includes a $0.01 increase in the personal property tax rate and unspecified increases in water service and pool admission fees; the transcript did not specify exact dollar amounts or the effective dates for those fee increases.
The action is presented as a budget-policy recommendation from the Audit/Finance Committee. The Council did not provide additional line-item amounts in the meeting minutes and directed staff to implement the rate change and fee adjustments as recommended.
