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Reduced state aid forces localities to make painful cuts

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.

Isle of Wight to lose large source of tax revenue

This is the last year that Isle of Wight will collect machinery and tool taxes from International Paper. The manufacturer paid $5.7 million and $5.1 million in machinery and tool taxes in 2009 and 2010, respectively.

The loss of such a significant source of revenue will likely impact homeowners, who may be asked to make up for the lost funds through tax increases and/or reduced services.

Goochland County relies on cuts to balance its budget

Goochland County officials avoided tax increases by slashing expenses to balance the county budget. The county's general fund will be 8.6% smaller than last year's.

Some of the cuts include library hours, recreation programs, and curbside recycling The school system saw its budget reduced 13.7%.

Read more from The Richmond Times-Dispatch....

Posted on Tuesday, June 22, 2010 - 7:24pm

Towns in Rockingham County finalize budgets

The town boards of Madison, Mayodan, and Stoneville are preparing to hold public hearings on their proposed budget plans.

The proposed spending plans for Madison and Mayodan do not include tax increases for real property, and both towns are holding off on pay raises for employees. Madison residents will notice increased fees for garbage collection, water, and sewer service.

Stoneville officials are still working on a budget, and have not presented a spending proposal.

Posted on Wednesday, June 9, 2010 - 2:46pm

Bedford City budget approved

Bedford City officials approved a budget for FY 2011 that keeps real estate taxes at current levels. However, homeowners can expect to pay more because property assessments have risen about 4.5% over last year.

Posted on Wednesday, June 9, 2010 - 1:40pm

Wise County budgets under discussion -- no tax hikes expected

The Wise County Board of Supervisors is reviewing budget proposals for next fiscal year for the county and the county’s school division. A public hearing on the spending plans will be held June 6.

The proposed county budget is $52.87 million, an increase of just over $300,000 for the current fiscal year. No tax increases are proposed, and real estate taxes are slated to remain at 57 cents per $100 valuation.

The school division’s proposed spending plan is for $70.3 million.

Read more in The Kingsport Times-News....

Posted on Wednesday, June 2, 2010 - 11:22am

Caroline County cuts jobs, salaries to balance budget

Caroline County has eliminated 10 jobs and reduced salaries across the board in an attempt to bring its budget down to a manageable level. The reductions will save the county $548,532.

County Administrator Percy Ashcraft said that residents should not feel a big impact from the changes. "The personnel decisions have been made to attempt to have the least impact on the delivery of services to our citizens," he said. "We have an obligation to have a high standard of serving the public at large. We must continue to do that despite having fewer people in place."

Homeowners benefit from carefully balanced budgets that avoid raising property taxes, as long as public services are adequately funded.

Norfolk City Council approves $1.1 billion budget

Norfolk City Councillors approved a $1.1 billion budget for next year, 3% smaller than the current fiscal year's. Residents will notice increased fees and personal property taxes, as well as reduced hours at libraries and recreation centers. Real estate tax rates remain the same.

Homeowners benefit from stable tax rates, as they make owning a home more affordable. Norfolk city homeowners may in fact notice smaller tax bills due to lower property assessments.

Floyd County drops property tax rate

Floyd County is reducing its real estate tax from 60 cents to 47 cents per hundred dollars in valuation. The reduction is an attempt to offset increases in property tax assessments, although some property owners have seen a higher tax bill for the first half of 2010.

County Administrator Dan Campbell told supervisors at last week’s budget work session that the drop hould equalize the taxes for this year for most -- but not all -- Floyd County property owners.“This is based on averaging out the tax assessments,” he said. “Some bills will be above the average; others will be below.”

Amherst County adopts $66.8 million budget

The Amherst County Board of Supervisors has adopted a balanced, $66.8 million budget that includes a county schools' operating budget of $42.4 million. No taxes or fees were increased.

Previously, the Amherst County School Board approved a balanced 2010-11 budget that eliminated 37 positions, but the actual job loss was 12 full-time positions, and most were achieved through attrition.

Read more in the Lynchburg News & Advance....

Posted on Thursday, May 6, 2010 - 6:50pm