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 rate and changes in other revenues, including borrowed funds, the total budget of the County of Albemarle will be greater than last fiscal year's by 0.2 percent.

Committee

Board of Supervisors

Requested by

Finance & Budget

Introduced

April 16, 2025

On agenda

April 30, 2025

Where it was heard

Board of Supervisors Apr 30, 2025

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