budget

Localities across Virginia responded to reductions in state aid by slashing support for schools and community services. Nearly 30% raised local taxes in an effort to make up the shortfall.

Balanced budgets -- at both the state and local levels -- can have a huge impact on homeowners. When officials spend too much, taxes can become untenable, forcing residents to make tough choices in order to manage their own household expenses. On the flip side, if state and local budgets are slashed too deeply homeowners and others will feel the impact of reduced community services. Schools, police forces, libraries, and more can be affected. Ultimately, deep reductions may lead to a lowered quality of life, which can negatively impact property values.

Read more from the Associated Press....

This is the last year that Isle of Wight will collect machinery and tool taxes from International Paper. The manufacturer paid $5.7 million and $5.1 million in machinery and tool taxes in 2009 and 2010, respectively.

The loss of such a significant source of revenue will likely impact homeowners, who may be asked to make up for the lost funds through tax increases and/or reduced services.

Read more in the Daily Press....

Goochland County officials avoided tax increases by slashing expenses to balance the county budget. The county's general fund will be 8.6% smaller than last year's.

Some of the cuts include library hours, recreation programs, and curbside recycling The school system saw its budget reduced 13.7%.

Read more from The Richmond Times-Dispatch....

The town boards of Madison, Mayodan, and Stoneville are preparing to hold public hearings on their proposed budget plans.

The proposed spending plans for Madison and Mayodan do not include tax increases for real property, and both towns are holding off on pay raises for employees. Madison residents will notice increased fees for garbage collection, water, and sewer service.

Stoneville officials are still working on a budget, and have not presented a spending proposal.

Read more in The Danville Register & Bee....

Bedford City officials approved a budget for FY 2011 that keeps real estate taxes at current levels. However, homeowners can expect to pay more because property assessments have risen about 4.5% over last year.

Read more in The Lynchburg News & Advance....