City Council unanimously adopted a $117.8 million budget for Fiscal Year 2023 at its regular meeting on Thursday, May 12, 2022.
The FY23 budget includes a 2-cent reduction to the real property tax rate, lowering the rate from 64 cents to 62 cents per $100 of assessed value. The rate remains one of the lowest in Virginia. The budget also includes a reduction in the assessment ratio for personal property tax by 20%, meaning taxpayers will pay 80% of the value of their vehicles.
“City staff and I are enormously proud of the work represented in this budget,” City Manager Andrew O. Trivette said. “The early collaboration with City Council and the effective management of finances during the COVID crisis provided a foundation for us to achieve much of what was on the City’s horizon while continuing to offer quality services at the lowest possible tax rate.”
“City Council appreciates the current financial pressures on our taxpayers due to historic inflation, unprecedented gas prices, and large increases in both real property and personal property values,” Mayor Douglas Pons said. “Because of those pressures we felt it was important to offer tax relief in the FY23 budget even as we keep moving the community toward the City’s 2040 vision.”
A full version of the adopted budget will be posted online in July.