AGENDA DATE: 4/30/2025
TITLE:
Title
Calendar Year 2025 Personal Property Tax Rates
BODY
SUBJECT/PROPOSAL/REQUEST: Public hearing to receive public comment on proposed personal property tax rates.
ITEM TYPE: Regular Action Item
STAFF CONTACT(S): Richardson, Herrick, Sumner, Bowman, Davidson, Matheny
PRESENTER (S): Andy Bowman
LEGAL REVIEW: Yes
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: As enabled by Title 58.1, Chapter 35 of the Code of Virginia (1950, as amended), Chapter 15, Article 8 of the County Code imposes a tax on tangible personal property.
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 an increase in the tax rate from $3.96 to $4.28 per $100 of assessed value, on all classes of property subject to taxation by the County (other than real property, manufactured homes, and public service property), including tangible personal property; tangible personal property employed in a trade or business that is not otherwise classified as machinery and tools; merchants’ capital; short-term rental property, with an original cost of less than $500; and machinery and tools, to be effective on and after January 1, 2025.
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