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25-242
| 1 | 2. | | Resolution | Calendar Year 2025 Real Property Tax Rates. To receive comments public comment on the proposed real property tax rates for Calendar Year 2025.
a. Assessment Increase: 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.
b. Lowered Rate Necessary to Offset Increased Assessment: The tax rate which would levy the same amount of real estate tax as last calendar year, when multiplied by the new total assessed value of real estate with the exclusions mentioned above, would be $0.813 per $100 of assessed value. This rate will be known as the "lowered tax rate."
c. The County of Albemarle proposes to adopt a tax rate of $0.894 per $100 of assessed value for calendar year 2025. The difference between the lowered tax rate and the proposed tax rate would be $0.081 per $100, or 9.96 percent. This difference will be known as the "effective tax rate increase.".
d. Proposed Total Budget Increase: Based on the proposed real property tax |
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25-243
| 1 | 3. | | Resolution | Calendar Year 2025 Personal Property Tax Rates. To receive public comment on a proposed increase in the tax rate from $3.96 per $100 of assessed value to $4.28 per $100 of assessed value, on all classes of property subject to taxation by the County pursuant to Chapter 15, Article 8 of the County Code, 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, as enabled by Title 58.1, Chapter 35 of the Code of Virginia (1950), as amended, to be effective on and after January 1, 2025. |
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