Friday, April 9, 2010

Hundreds of Spotsy Conservatives Tell Supervisors to "Hold The Line!" On Proposed Tax Rate

from today's Free Lance-Star

Even though they face as much as a 42 percent increase in their real-estate tax bills, Spotsylvania County business owners were largely absent from last night's public hearing on the fiscal year 2011 budget.

But some residents showed up to urge supervisors to keep taxes low.

Business owners will pay more in real-estate taxes because the 2010 assessments for commercial property increased three-tenths of a percent. With an equalized tax rate of 83 cents per $100 assessed value, a commercial property owner would pay $1,062 more for a building assessed at $500,000.

An equalized tax rate means the county will generate the same amount of revenue as it did this fiscal year.

If the rate approved is 88 cents, which is what supervisors advertised, businesses will pay 42 percent more.

Residential property assessments declined overall by 28.2 percent, and more than half of county residents will pay less or the same in real-estate taxes with an equalized rate. How much more those who did have increases in their residential assessments will pay depends on the rate supervisors approve later this month.

One man said his real-estate tax bill could increase at least $900 a year.

Labels: , , , , , ,


Post a Comment

Subscribe to Post Comments [Atom]

<< Home