NOTICE OF PROPOSED REAL PROPERTY TAX INCREASE
The County of Rockingham, Virginia proposes to increase property tax levies.
1. 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 31.56 percent.
2. 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 $0.56 per $100 of assessed value. This rate will be known as the "lowered tax rate."
3. Effective Rate Increase: The County of Rockingham, Virginia proposes to adopt a tax rate of $0.70 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $0.14 per $100, or 24.45 percent. This difference will be known as the "effective tax rate increase." The adopted tax rate will not be greater than $0.70.
Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.
4. Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of Rockingham County will exceed last year's by 8.96 percent.
A public hearing on the increase will be held on March 9 at 6:00pm at Rockingham County Administration Building, 20 E Gay Street, Harrisonburg VA.
All hearings shall be open to the public. The governing body shall permit persons desiring to be heard an opportunity to present oral testimony within such reasonable time limits as shall be determined by the governing body.