Council Proposes Tax Cut

City Council has proposed a $0.02 real estate tax rate cut, simultaneous with the announcement that property values in Charlottesville have increased, on average, 12.8%. Said Mayor Cox, “The council has grown increasingly concerned about those who struggle with the unfortunate side effect of high assessments – high taxes. We understand that most people in Charlottesville have not seen a comparable increase in their earnings.” This approach will presumably prevent a reaction like the anger in Albemarle over their assessment increases earlier this month. To afford the rate reduction, Council intends to cut operating costs by 5%. The last time that real estate taxes were cut was in 1990, when they went from $1.13 to $1.11. Elizabeth Nelson has the story in today’s Progress.

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