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Lancaster adopts new real estate tax rate and 2020 budget

by Jackie Nunnery

LANCASTER—The Lancaster board of supervisors on Thursday, June 27, increased the real estate tax rate from an equalized rate of $0.57 per $100 assessed value to $0.63 per $100 assessed value.

The increase was made to account for funding increases in the 2020 fiscal year budget, also approved by supervisors.

Local money for schools accounts for $0.02 of the increase, with another $0.02 for capital improvement expenditures that will come out of the operating budget rather than borrowing, said county administrator Don Gill.

An additional $0.01 was added to ensure the county met the required 7% reserve fund to expenditure ratio and to begin increasing the fund balance. The last $0.01 was added to ensure funds for new schools on the horizon.

The vote was 4-1 with supervisor Jack Larson objecting…

Rappahannock Record Staff
Rappahannock Record Staffhttp://www.rrecord.com
From the Rappahannock Record news team

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