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Required property tax rate reduction?

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When any annual assessment, biennial assessment or general reassessment of real property by a county, city or town would result in an increase of 1 percent or more in the total real property tax levied, such county, city, or town shall reduce its rate of levy for the forthcoming tax year so as to cause such rate of levy to produce no more than 101 percent of the previous year’s real property tax levies, unless subsection B of this section is complied with, which rate shall be determined by multiplying the previous year’s total real property tax levies by 101 percent and dividing the product by the forthcoming tax year’s total real property assessed value.  An additional assessment or reassessment due to the construction of new or other improvements, including those improvements and changes set forth in § 58.1-3285, to the property shall not be an annual assessment or general reassessment within the meaning of this section, nor shall the assessed value of such improvements be included in calculating the new tax levy for purposes of this section….  If you do the math–and allow the extra 1% provided by the state code–the result is a new tax rate of $0.576 per $100 of assessed value.Two years ago, our tax rate was $0.76, and it was automatically lowered to about $0.61 due to the increase in assessments….  Encourage them to read this article, and to call their supervisor too.Together, we can stop another huge tax rate increase!After reading the cited law, one would think that we can expect our tax to be reduced.

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Charlottesville Neighborhoods – Starr Hill

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I sold a couple houses (two of them) in this neighborhood several years ago – one of them twice – and met many of the neighbors along 6th Street NW – all of whom were good folks….  This is one of those areas that thrives on neighborhood.When marketing the houses along this street, which range from colorful stuccos to brick to aluminum siding, my marketing tag-line was “Sell the car!”…  A primer from the Charlottesville Community Design Center – (excellent maps here)The City Yard occupies most of the property between residential Brown Street and Preston Avenue….  During the first half of the 20th Century the Union Station property on West Main Street was the transportation hub of the Charlottesville community.One minor irritation – it has taken me this long in the Neighborhood Series to discover the comprehensive maps offered by the Design Center!?Read about all the neighborhoods I have covered here.

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