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Public Hearing Scheduled to Receive Input Regarding Proposed Real Property Tax Increase

Press Release

LYNCHBURG, Va. – On Monday, June 23 at 7:00 p.m., the Lynchburg City Council will conduct a public hearing to receive input regarding a proposed increase of real property. The hearing will take place in City Hall, Council Chamber, 900 Church Street.
 
1. 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 12.9 percent.
 
2. 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 $0.767 per $100 of assessed value. This rate will be known as the "lowered tax rate."
 
3. Effective Rate Increase: The City of Lynchburg proposes to adopt a tax rate of $1.025 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $0.258 per $100, or 33.64 percent. 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.
 
4. Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of the City of Lynchburg will exceed last year's by 8.2 percent.
 
This public hearing shall be open to the public, and all interested persons are invited to appear at the said public hearing and present their views. The full text of the proposed ordinance that would adopt the proposed real estate tax rate of $1.025 per $100 of assessed value is available for public inspection and review during normal business hours (Monday - Friday, 8:30 a.m. to 5:00 p.m.) in the Office of the Clerk of Council in the City Hall, Council/Manager’s Office, 900 Church Street – Third Floor, Lynchburg, Virginia 24504.
 
Questions and/or comments may be referred to Alicia L. Finney, the Clerk of Council for the City of Lynchburg, who may be contacted at 434.455.3990 or by email at alicia.finney@lynchburgva.gov.

Public Hearing Scheduled to Receive I...