Hearing on tax increase, budget is Tuesday

Published 1:29 pm Thursday, April 14, 2016

PRINCE EDWARD — Supervisors in Prince Edward County will gather input during a Tuesday public hearing on the county’s proposed tax rates and budget at 7 p.m.

Supervisors are considering a recommended 2-cent increase in real estate taxes to balance the fiscal year 2016-17 budget.

The budget totals $51.2 million.

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“For FY17, after deducting the transfers between funds and including the preliminary school budget of $24,570,003, the budget for all funds is $42,232,277,” Barlett said in an introductory letter to supervisors. “The budget is balanced but requires an increase in the real estate tax by 2 cents. This would be a four percent tax increase and is projected to increase revenues by $292,559 as compared to the FY16 budgeted amount.”

The 2-cent increase would bring the real estate tax rate to 51 cents per $100 of assessed value from the current 49 cents.