KILMARNOCK—Despite the total assessed value of real property exceeding last year’s assessed property values by 36.66%, Kilmarnock residents should hardly notice any change in their town real estate tax bill for the upcoming 2025 fiscal year.
According to town manager Susan Cockrell, the Lancaster County real estate assessments conducted in the last year were sky-high. By Virginia State Code, localities are only allowed to increase absolute tax dollars by a dollar from the previous year.
Because the assessment of real property value increased by 36.66%, the tax rate decreased in order to offset the increased assessment. According to Cockrell, the town tax rate, which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed real estate value, would be $.0693.
As an administrative ease for both the citizens and the town, the town has proposed a rate of $.07 per $100 of assessed value. That difference will be known….
