real estate tax

A majority of Virginia Beach council members oppose a real-estate tax increase, effectively scuttling City Manager Jim Spore's proposal to increase the rate by three cents. Council members suggested cutting services, and possibly jobs, instead.

Read more in The Virginian-Pilot....

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.

According to the Danville Register & Bee, Pittsylvania County is in an uproar over a proposed 20-cent property tax increase on agricultural landowners.  Currenty the county participates in Virginia's land use program, which allows it to tax agricultural land at a lower rate to incentivize agricultural uses.  The Board of Supervisors is opposed to the Commission of Revenue's recommendation. The increase would affect nearly 1,500 landowners in the county.

Read the full story...

In early February, Halifax homeowners will have an oppportunity for their voices to be heard.  The Board of Equalization will convene to hear complaints from homeowners that disagree with their real estate assessments. Complaints may be submitted in writing or orally during the meeting.  The outcome of the meeting may result in a decrease, an increase or an affirmation of the assessment originally issued.  The hearing dates range from February 4- February 11 at various times. It is important for homeowners to ensure that their real estate assessment is accurate, as it affects the tax levied, but it may also impact the future sales price for re-sale purposes.

Read the Gazette-Virginian story for specifics...

Henrico officials have been mum about the county's budget outlook until now, according to the Richmond Times-Dispatch.

The county is facing more than a $20 million shortfall in real estate tax revenue, but the Finance Director says he does not expect any major budget revisions.

"Henrico County is facing a projected shortfall in real estate tax revenue of more than $20 million next year, but the county's top finance official is optimistic about the future.

Finance Director John A. Vithoulkas said yesterday that he expects a 6.5 percent decrease in county real estate tax revenues for the budget year that begins on July 1. The drop is likely to be steepest for commercial properties. He said up to one-third of the commercial office space in Innsbrook is vacant.

'Going back over 30 years, we have not seen anything like what we are seeing now in the real estate market,' Vithoulkas said during a town hall meeting last night at Maybeury Elementary School in western Henrico.

At the same time, however, Vithoulkas said, the county has been buffered from much more severe economic problems because of a sales tax windfall of up to $8 million a year from its decision to change a number of ZIP Code addresses from Richmond to Henrico.

He also said the county protected itself by capping spending during financially flush times."

Read the full story.