Wednesday, May 22, 2024
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Kilmarnock

Tax rate adjustment may follow Lancaster property reassessment; $15 million added to capital budget for new school

LANCASTER—Before supervisors got to work at a December 15 meeting, county administrator Don Gill addressed a crowd of concerned residents regarding the recent reassessment notices and what they could mean for tax bills next year. “The notice you got in the mail says your tax bill next year will be at 63 cents per $100, but more than likely that’s not going to happen.”

“Everything in the notice is required by law, but there’s a little bit that’s misleading.The notice lists the current tax rate of 63 cents” for 2024, which Gill said was “the worst case scenario” when coupled with the 36.6% increase in the county’s total assessed property value. The value jumped from $2.826 billion in 2023 to $3.862 billion with the most recent assessment. 

“When the board of supervisors advertises a tax rate for calendar year 2024—this will occur in April or May—we will be required by law to also advertise what’s known as the equalized tax rate. That is the tax rate that would generate the same pot of money but now at the new reassessed value” which turns out to be $0.46 per $100 in assessed value. 

“I’m not saying the board is automatically going to adopt 46 cents….

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