Charlottesville City Councillors will open their annual discussion of the real estate tax rate for the forthcoming fiscal year when they meet tonight, March 20, at 6:30 p.m.
This discussion is a public hearing where residents can voice their opinions on the tax rate. Residents can sign up to speak at the hearing at this link.
Residential taxes will likely increase. Charlottesville has seen the assessed value of city real estate rise by nearly 25% over the last two years; increasing 12.33% in 2023, and 11% between 2021 to 2022. How much that will translate into larger tax bills will depend on whether councilors choose to adjust the tax rate for the upcoming fiscal year.
Localities determine tax bills by multiplying a property’s assessed value by the tax rate. That’s why an increase in the assessed value usually results in an increased tax bill.
Monday’s meeting will feature a quick first look at the Interim City Manager’s proposed budget for the upcoming fiscal year, which does not include a decrease in the tax rate.
In 2022 City Council voted to raise the real estate tax rate by 1 cent per $100 of assessed value.
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