This blog includes news about City Hall, city schools and other 22401 news.Pamela Gould reports on City Hall. You can reach her at 540-735-1972 or firstname.lastname@example.org. Robyn Sidersky reports on city schools. You can reach her at 540-374-5413 or email@example.com.
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City Assessments mailed today
The bottom line: Total taxable property value in Fredericksburg is down 12.7 percent from two years ago. The biggest declines were seen in single-family residential property, which overall declined 24 percent.
Keep checking here to try to glimpse your own assessment (and your neighbor’s) before it arrives in your mailbox. (When I checked in at 11 a.m., the current assessments were still up there, but the new ones should be up shortly.)
This changes the tax rate discussion.
Before the reassessment, council members had proposed raising the 56-cent real estate tax to 60 cents. That would bring in $1.6 million of new revenue from that tax.
Using the new values, the 56-cent tax rate would have to rise to 65 cents to bring in the same amount of money the real estate tax brought in this year. The proposed rate for next year would go from 60 cents to 70.5 cents.
Don’t forget there will be a public hearing on the tax rate June 9 at 7:30 p.m. at City Hall.
With assessments, it is impossible to make generalizations about the tax impact, because every neighborhood shows different trends, but for what it’s worth, the median value of a single-family home in Fredericksburg declined from $359,800 to $273,000 with this assessment.
If you had a home that showed that same decline, you would pay $90.23 less in taxes next year under the 70.5-cent rate. That would be a tax cut of 4.5 percent.
Don’t get too attached to that figure, though, because your assessment could be very different, and you’ll need to do the math for yourself.
If you want to appeal your new assessment, you have until May 22 to call the real estate office in City Hall at 540/372-1207. They will schedule a hearing for you with Blue Ridge Mass Appraisal Co., which will begin meeting with property owners May 18. Later on this year, there will be another round of hearings with the Board of Equalization.
Look for more in tomorrow’s edition of The Free Lance-Star.