Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Policy topic
No spam. Unsubscribe anytime.
Finance committee backs equalized real-estate rate of $1.14 per $100
Summary
A council-appointed finance committee confirmed the revenue-guideline calculation and recommended stabilizing the real-estate tax rate at an equalized rate of $1.14 per $100 of assessed value for FY26; the committee voted unanimously to confirm the calculation.
Linda Curtis, a citizen member of the council finance committee and former Commonwealth’s Attorney and council member, presented the committee’s review of the revenue guideline and recommended application for fiscal year 2026. Curtis explained the guideline’s intent to limit year-to-year real-estate revenue growth and to provide transparency when the manager or council depart from the guideline.
Curtis told the council that the committee met on April 16 and “voted unanimously to confirm the calculation of the stabilization real estate tax rate at the equalized rate of a dollar 14 per $100 of assessed value per the revenue guideline.” The recommendation aligns with the city manager’s budget proposal. The committee also reviewed barometers such as CPI-U and resident income growth as factors to use when considering adjustments to the tax rate. Council received the committee’s recommendation for consideration during upcoming budget hearings.
