REASSESSMENT COULD BRING IN SAME REVENUE AFTER TAX-RATE CUT

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SATURDAY, February 1, 1992                   TAG: 9202010128
SECTION: CURRENT                    PAGE: NRV-2   EDITION: NEW RIVER VALLEY 
SOURCE: PAUL DELLINGER
DATELINE: PULASKI                                LENGTH: Medium
REASSESSMENT COULD BRING IN SAME REVENUE AFTER TAX-RATE CUT
It looks like a Pulaski County reduced tax rate of 64 cents per $100 of assessed value would raise as much revenue as the current 75-cent rate because of the recently completed reassessment.
One cent of real estate tax would have raised about $70,000 before the reassessment. Now, it will raise about $85,000. This assumes that no more than 5 percent of the assessed value would be deferred through land use or tax relief for the elderly and disabled.
The reassessment increases overall property values by slightly more than 19 percent, with land values jumping by 23.5 percent and property improvements by nearly 18 percent.
The Ingles District, which includes property around Claytor Lake, saw the biggest increase. Land values in the area closest to the lake went up slightly more than 52.5 percent.
The Robinson District had the smallest increase. The towns of Pulaski and Dublin had less of an increase than the county as a whole.
These were among the disclosures at the quarterly joint meeting Thursday night of the county Board of Supervisors and town councils of Dublin and Pulaski.
County Administrator Joseph N. Morgan said there actually has been a slight decrease in county property values, when the rate of inflation is measured against the reassessment increases.
But that is small comfort to those whose property values have gone up drastically.
The increases brought the owners of 1,900 of Pulaski County's 20,000 parcels of property to assessor's hearings this month to raise questions about their reassessments.
More hearings will be held Feb. 10-12 by the Board of Equalization.
The Ingles District saw property values and improvements rise slightly more than 28 percent, from $141.7 million to $181.8 million, with the properties around Claytor Lake fueling the increase.
The Draper and Cloyd districts came in next highest. Draper saw a 21 percent increase, from $109.3 million to $132.6 million. Cloyd went up slightly more than 21 percent, from about $146.4 million to about $177.5 million.
The Massie District came in with a 19 percent increase, from about $72.2 million to about $86.2 million. Values in the Robinson District rose 11.5 percent, from $49.2 million to nearly $55 million.
The increase within the town of Pulaski was 13 percent, from about $197 million to $222.7 million. For Dublin, it was 13.7 percent, from about $35.8 million to $40.7 million.
Of the six classes of property, only residential property increased more than the average overall increase. But residential property makes up more than two-thirds of the county's taxable real estate.
The Board of Supervisors will hold a public hearing March 16 on adjusting the tax rate and set a new rate before the end of March.

by Bhavesh Jinadra by CNB