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 property taxSpotsylvania Supervisors talk tax ratesAccording to the Free-Lance Star, depending on how the state budget turns out, Spotsylvania residents can expect a real estate tax rate in the range of 83 cents to 88 cents. Supervisors decided last night by a 4-2 vote to advertise a real estate tax rate of 88 cents per $100 of assessed value, which gives the county's financial staff "wiggle room" in case the state passes additional cuts to localities. Every penny added to the real estate tax rate generates $1.2 million. Commercial property assessments had a slight increase of less than 1 percent. Overall, property assessments dropped 23.45 percent. County Administrator Doug Barnes asked supervisors to advertise the higher rate--two pennies more than what is in his proposed budget--because the county may see cuts of almost $3 million more from the state. Posted on Wednesday, March 3, 2010 - 1:56pm
Hampton sees $312 million wiped off the assessed value of its real estate in a year
Posted on Sunday, February 28, 2010 - 9:45am
YOUR VIRGINIA: Second edition of the Virginia Homeowners Alliance newsletter covers the budget mess
The second edition of YOUR VIRGINIA, the Virginia Homeowners Alliance's e-mail newsletter is on the street. In this edition, we analyze what the Commonwealth's budget mess will mean for homeowners and bring you up to speed on the five bills affecting your home's value and property owner rights that we've been tracking during the General Assembly session. Didn't get a copy? Check out the second edition now, and register at VAHomeownersAlliance.com to make sure you get the next one. Posted on Thursday, February 25, 2010 - 1:32pm
Property Tax Increase Proposed for Arlington
Posted on Wednesday, February 17, 2010 - 12:04pm
Residents Get First Chance to Speak on Budget
These are very important meetings for homeowners to attend because the budget problems the county faces next year could result in an increase in property taxes. "On Dec. 8, the board will host the first of two public input meetings focusing on the FY2011 budget. The second meeting is set for Dec. 10. A crowd is expected at all the meetings, said Supervisor Delgaudio (R-Sterling). 'I expect a smattering of people who will all say spare us,' Delgaudio said. Loudoun County supervisors are facing some tough decisions as they gear up to balance a recession-battered budget. For next year's budget, supervisors are expecting a $72.5 million decrease in revenue, a 5 percent decrease in real property values and less funding from the state. Officials are warning of either tax increases or significant cuts in program funding to make up for an expected $156.8 million shortfall."
Posted on Tuesday, December 8, 2009 - 12:24am
Stafford Debates Use of Surplus
After confirming that an accounting mistake left an extra $6.2 million in county coffers, the Board of Supervisors in Stafford decided to spend at least $1.4 to give bonuses to some school staff and sheriff deputies, according to Fredericksburg.com. Homeowners should be aware of this issue because many localities will result to raising real estate taxes due to decreased property assessments and needing to make up budget deficients. This surplus could help with those predicitions for 2010. "Less than a week after confirmation that an accounting error left an extra $6.2 million in county coffers, the Stafford Board of Supervisors voted to start spending it. Supervisors narrowly passed a resolution yesterday that uses $1.4 million of the surplus to give bonuses to certain school employees and sheriff's deputies. The resolution, approved on a 4-3 vote, specifies that $1 million be allocated to teachers, $57,000 to school paraprofessionals, $15,000 to school nurses and $344,000 to deputies. Supervisors Joe Brito, George Schwartz and Bob Woodson voted against the resolution. Brito and Schwartz, who go off the board in January, said they supported salary increases instead of bonuses. The vote came after a heated discussion by board members and admonitions from County Administrator Anthony Romanello and Commissioner of the Revenue Scott Mayausky. Both recommended supervisors wait and consider such financial decisions during spring budget discussions. 'This would make the challenge for the board next spring even more difficult,' Romanello said, referencing projected revenue shortfalls. 'Staff believes decisions like this one are best considered in the context of the budget process.' Though he voted for the bonuses, Supervisor Paul Milde called the proposal a political stunt and a gimmick perpetrated without proper consideration by a lame-duck board. 'Mr. Brito,' Milde said. 'Shame on you for subverting our process with a last-minute $1.4 million expenditure. Way to go out.' Brito added the resolution to the agenda just prior to yesterday's meeting. He said his intent was to bring Stafford teacher salaries in line with those in Spotsylvania." Posted on Thursday, December 3, 2009 - 11:22pm
Accomack Residents Will Be Protected by Rainy Day Fund Growth
This is good news for homeowners because sometimes when counties are strapped for funds, they look to increase property taxes to cover the deficient. Having a healthy rainy day fund can help protect homeowners in the future. "Accomack County officials voted to set aside an additional $720,000 for the county’s rainy day fund in an attempt to bring that reserve up to a recommended 8 percent of revenue by 2016, two years earlier than the previous target date. The county finished fiscal year 2009 with an undesignated fund balance of $1.4 million, which normally would be used for one-time expenditures this year. But Finance Director Mike Mason recommended using part of the amount to boost the county’s reserves after it experienced a cash flow problem last year and its rainy day fund dropped to only 1.8 percent of general and school fund revenue. The measure will put the reserve above 3 percent, higher than any time in the previous five years." Posted on Friday, October 23, 2009 - 10:27pm
Isle of Wight Residents Could See Assessments Drop if Home Sales Trend Continues
Property assessments in Isle of Wight could decline about 2 percent next year, according to the Daily Press. A recent report prepared for the Board of Assessors to help them get ready for the 2010 reassessments showed that 81 single-family homes in the county were sold during the first six months of 2009, and their average sales price was less than the countys assessed value on the properties. If that trent continues, then property owners could see reduced assessments in 2010. A drop in home values doesn't mean tax bills will decline, too. Localities sometimes must increase a tax rate to offset the decline in property values, in order to maintain the same flow of income to fund expenses Isle of Wight homeowners can expect to receive their 2010 reassessments in Apirl. "Based on current sales trends, property assessments on houses could decline by about 2 percent next year, said Tom Finderson, chairman of the Isle of Wight Board of Assessors. A sales study report prepared for the Board of Assessors, which is gearing up for its 2010 reassessment cycle, shows that 222 properties — including houses, vacant land, town homes, condominiums and commercial properties — exchanged hands between July 2008 and June 2009. The report shows that 81 single-family homes in the county were sold during the first six months of this year, with the average sales price of $300,411 coming in somewhat less than the county's assessed value on the properties, Finderson said. That could end up translating into reduced assessments for property owners, if the current sales trend continues over the next few months, Finderson said. 'It appears that we are seeing a stabilization of reassessments compared to years past, when it was climbing at double-digit rates,' said Commissioner of the Revenue Gerald H. Gwaltney. The county's reassessments in 2008 and 2006 jumped 11 and 45 percent, respectively." Posted on Tuesday, September 8, 2009 - 9:10am
Culpeper Residents Will Get a Break on Personal Property Taxes
According to the Freelance-Star Culpeper residents will receive a relief in personal property taxes this year. Vehicle owners will be paying less in personal property taxes. "Sagging new car sales have hurt the automobile industry over the past year, but Detroit's loss will be the taxpayers' gain. Yesterday the Culpeper County Board of Supervisors voted to up the county's personal property tax relief from 35 percent to 39 percent for this fiscal year. The action will mean that vehicle owners will be paying a bit less in personal property taxes because there are more older cars out there and they are worth less. 'The overall value [of vehicles in the county] has decreased by 14.6 percent,' said Commissioner of Revenue Terry Yowell." Posted on Thursday, September 3, 2009 - 12:04pm
Rockingham Residents Will Vote on Meal Tax which Could Prevent Real Estate Tax Increase
To prevent a raise in real estate and property taxes to help fund new schools, Rockingham County officials are attempting to enact a 4 percent meals tax, according to The Daily News Record. Officials are hoping the meal tax from tourists in the county and at Massanutten will cover about 60 percent of the cost needed to operate current schools. This is the second time county officials have attempted to get the meal tax approved, and this time voted to place the issue on November's ballot. Which makes it an important issue for homeowners to be aware of and to discuss with other voters to ensure that funding new schools does not become a burden on property and homeowners. "Officials in Rockingham County are going to try for a second time to get out-of-towners to help pay for new schools. On Wednesday, the Board of Supervisors took the first step to enact a 4 percent meals tax. The board unanimously approved a resolution to petition the Rockingham County Circuit Court to place the tax on the November ballot. If certified by the judge and approved by voters in November, county officials say the meals tax will raise an estimated $600,000 needed for operations at Cub Run Elementary, River Bend Elementary and East Rockingham High schools. Supervisors say they like this type of tax because tourists at Massanutten and other visitors to the county would pay about 60 percent of it. The tax would not apply to restaurants located inside towns or for nonprofit fundraisers, such as food vendors at the county fair." Posted on Friday, August 28, 2009 - 6:29pm
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According to the Daily Press, the value of assessed property in Hampton has fallen by 2.71 percent from a year ago as $312 million was wiped off the assessed value of real estate during the recession, figures released Friday reveal. The fall follows a modest rise in values from the fiscal year 2009-10 to 2010-11 and has contributed to the large budget shortfall Hampton is facing in 2010-11.
