Eastern Shore Times

Public Hearing Va. Code § 58.1-3321 Mathews County Board Of Supervisors Notice Of Proposed Real Property Tax Increase 

Date:March 30, 2023

Time:6:00 PM - 8:00 PM

 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 37 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 $ 0.45 per $100 of assessed value. This rate will be known as the "lowered tax rate."

3. Effective Rate Increase: The County of Mathews proposes to adopt a tax rate of $ 0.64 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $0.19per $100, or 42 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 County of Mathews will exceed last year's by 15 percent.

A public hearing on the increase will be held by the Mathews County Board of Supervisors on March 30, 2023, at 6:00PM in the Harry M. Ward Auditorium at the Mathews County High School located at 9889 Buckley Hall Road in Mathews, Virginia.

Original source can be found here