Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: THURSDAY, April 7, 1994 TAG: 9404080191
SECTION: NEIGHBORS PAGE: W-21 EDITION: METRO
SOURCE: CHARLES STEBBINS STAFF WRITER
DATELINE: NEW CASTLE LENGTH: Short
Just how much the tax rate will come down is not known, but Supervisor Chairman Zane Jones expects it to be a significant drop from the current rate of 70 cents for each $100 of property value.
The probable tax drop became known Monday when County Administrator Richard Flora presented a first draft of the county budget for the fiscal year 1994-95 to the supervisors.
Flora is proposing a budget of $4.8 million, up from the current $4.4 million. He said a higher budget with a lower tax rate is possible because the property reassessment raised land values by about a third.
The land assessment now in use is about $140 million. But Flora said the reassessment will raise land values close to $199 million.
This came about, he said, because Craig had a lot of development during the six years since the previous land assessment. Many people moved into the county and built expensive homes, he said.
Because of that, nearly all land in the county increased in value, Jones said. The value of his farm in the Simmonsville area increased almost 30 percent, he said.
The amount of the tax rate decrease won't be known until after the supervisors work over Flora's proposal and come up with a final budget.
A public hearing will be held before final action is taken on the budget. The new fiscal year begins July 1.
by CNB