Spotsylvania Supervisors talk tax rates

According to the Free-Lance Star, depending on how the state budget turns out, Spotsylvania residents can expect a real estate tax rate in the range of 83 cents to 88 cents.

Supervisors decided last night by a 4-2 vote to advertise a real estate tax rate of 88 cents per $100 of assessed value, which gives the county's financial staff "wiggle room" in case the state passes additional cuts to localities.

Every penny added to the real estate tax rate generates $1.2 million. Commercial property assessments had a slight increase of less than 1 percent. Overall, property assessments dropped 23.45 percent.

County Administrator Doug Barnes asked supervisors to advertise the higher rate--two pennies more than what is in his proposed budget--because the county may see cuts of almost $3 million more from the state.

Read the full story...

Posted on Wednesday, March 3, 2010 - 1:56pm