NOTICE OF PROPOSED REAL PROPERTY TAX INCREASE
The County of Buckingham proposes to increase property tax levies.
- Assessment Increase: Total assessed value of real property, excluding additional assessments due to new construction or improvements to property, exceeds last year’s total assessed value of real property by 90%.
- Lowered Rate Necessary to Offset Increased Assessment: The tax rate which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed value of real estate with the exclusions mentioned above, would be $0.31 per $100 of assessed value. This rate will be known as the “lowered tax rate.”
- Effective Rate Increase: The County of Buckingham proposes to adopt a tax rate of $0.44 per $100 value of assessed value. The difference between the lowered tax rate and the proposed rate would be $0.13 or 42 %. This difference will be known as the “effective tax rate increase”.
Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.
- Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of the County of Buckingham will exceed last year’s budget by 7%.
A public hearing on the proposed increase will be held on Monday, April 14, 2008 following the proposed budget and tax rate Public Hearing in the Buckingham County High School Auditorium.
Sensory accommodations are available upon five (5) days’ written notice to the Office of the County Administrator, P.O. Box 252, Buckingham, Virginia 23921 or by calling 434-969-4242.
By Order of the Buckingham County Board of Supervisors, Rebecca S. Carter, County Administrator