AGENDA DATE: 4/30/2025
TITLE:
Title
Calendar Year 2025 Real Property Tax Rates
BODY
SUBJECT/PROPOSAL/REQUEST: Public Hearing to receive comments on Proposed Real Property Tax Rates for Calendar Year 2025
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Herrick, Sumner, Bowman, Davidson, Lynch
PRESENTER (S): Andy Bowman
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: Pursuant to Virginia Code § 58.1-3321, a local governing body must conduct a public hearing on the real property tax rate, and agree upon the necessary tax rate, when any annual local reassessment of real property would result in an increase of one percent or more in total real property tax levied.
STRATEGIC PLAN: Mission - To enhance the well-being and quality of life for all community members through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: The County of Albemarle proposes to adopt a tax rate of $0.894 per $100 of assessed value for calendar year 2025. The total assessed value of real property, excluding additional assessments due to new construction or improvements to property, exceeds last calendar year's total assessed value of real property by 5.1 percent. Individual property taxes may, however, change at a percentage greater than or less than the above percentage.
BUDGET IMPACT: The budget impact of the proposed tax rates is included in the Board of Supervisors' FY 26 Proposed Budget. The FY 26 Budget is scheduled for adoption and appropriation on May 7, 2025, after a series of public hearings and engagement.
RECOMMENDATION:
Recommendation
Staff recommends that the Board hold the public hearing and defer action until May 7, 2025, when the Board is scheduled to consider the attached resolution setting the Calendar Year 2025 Tax Rates (Attachment A).
ATTACHMENTS:
Attachment A - Proposed Resolution