Localities across Virginia responded to reductions in state aid by slashing support for schools and community services. Nearly 30% raised local taxes in an effort to make up the shortfall.

Balanced budgets -- at both the state and local levels -- can have a huge impact on homeowners. When officials spend too much, taxes can become untenable, forcing residents to make tough choices in order to manage their own household expenses. On the flip side, if state and local budgets are slashed too deeply homeowners and others will feel the impact of reduced community services. Schools, police forces, libraries, and more can be affected. Ultimately, deep reductions may lead to a lowered quality of life, which can negatively impact property values.

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