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PUBLIC HEARING-Notice of Proposed Real Property Tax Increase
June 29 @ 5:30 pm - 6:30 pm
NOTICE OF PROPOSED
REAL PROPERTY TAX INCREASE
The Town of Floyd, Virginia proposes to increase property tax levies.
- 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 14.0 percent.
- 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 $0.069 per $100 of assessed value. This rate will be known as the “lowered tax rate.”
- Effective Rate Increase: The Town of Floyd proposes to adopt a tax rate of $0.079 per $100 of assessed value, which is no changeover the current tax rate. The difference between the lowered tax rate and the proposed tax rate would be approximately $0.01 per $100. The 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.
- Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of the Town of Floyd, will decrease from last year’s 0.22 percent.
A public hearing on the proposed increase will be held on June 29, 2020, at 5:30 p.m., or as soon thereafter as possible, in the W. Skip Bishop Town Hall, 134 Wilson Street, Floyd, Virginia 24091. All persons desiring to be heard shall be accorded an opportunity to present oral testimony within such reasonable time limits as determined by the Town Council.