Increase in Real Estate Tax Rate

WVEC.com
Posted on March 27, 2012 at 11:46 PM

Updated Wednesday, Mar 28 at 6:42 AM
Related:
•Va. Beach proposed city budget

VIRGINIA BEACH -- City staff members presented a recommended FY2012-2013 budget at the city council meeting Tuesday night..

Included in that is an increase in the real estate tax rate. Currently set at 89 cents per $100 of assessed home value, the rate would bump up to 93 cents per $100 of assessed home value.

Estimated to bring in $19 million, Virginia Beach and Virginia Beach City Public Schools would split the extra revenue evenly.

It is one way to offset an expected shortfall within the city. Other steps include using money from some fund balances, including the city's general fund.

The proposed budget funds the entire $356 million dollars originally requested by the Virginia Beach School Board. It also covers more than half the additional $36.3 million the board requested to address the school division's own budget gap.

City council and school board members meet next week to discuss possible ways to get more money for VBCPS. Recently, Mayor Will Sessoms mentioned a possible increase in taxes (referring to others besides the real estate rate). During the council meeting Tuesday, he stated that certainly is something everyone hopes to avoid, but he said the school board's chairman and vice chairman support an increase if deemed necessary.

Public hearings about the budget are scheduled for April 18 and 24.

Council probably would vote on a budget May 8.