Taxes will remain the same, budget slightly increases

Published 11:12 am Tuesday, August 25, 2015

Property owners in the Town of Dillwyn won’t see any increased tax rates or fee increases next year.

All tax rates for fiscal year 2015-2016 — unanimously adopted by the town council recently — are unchanged. The council also was united in adopting the upcoming fiscal year’s $1.91 million budget.

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The town real estate tax will remain at 4.65 cents, the personal property and machinery and tools tax at 28 cents and the public service corporation tax at 4.65 cents. The tax rates are levied per $100 of assessed value.

Two public hearings on the tax rates and budget brought no speakers.

The budget, which includes the ongoing VDOT Transportation Enhancement Project, totals $1.91 million and is $155,067 more than the current fiscal year’s budget. The budget, excluding the project, totals $124,057, representing an increase of $18,111.

The town’s revenue streams will remain mostly the same, excluding a $16,000 jump in the budget’s miscellaneous line item, which is set aside for the town’s comprehensive plan review, according to Town Clerk and Treasurer Peggy N. Johnson.

The budget will withdraw $18,000 from certificate of deposits (CDs). Currently, the town has about $388,934 in its coffers, including CDs.

The largest new expenditure is $18,000 to update the Town’s comprehensive plan using assistance from the Farmville-based Commonwealth Regional Council.

Last year, town council increased the real estate tax rate by .0065 cents  to conform to the updated property assessments. According to Johnson, the increased rate has brought in between $117 and $121 in new money.

Johnson said that the transportation enhancement project’s phase four extended and five — totaling about $1.8 million — will encompass improvements at the corner of Rosney and Main streets and both sides of the street from the intersection of Oak and Main to the intersection of Goldmine and Oak.

The town’s fiscal year begins Sept. 1.