ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, April 6, 1996 TAG: 9604080092
SECTION: CURRENT PAGE: NRV4 EDITION: NEW RIVER VALLEY
DATELINE: RADFORD
SOURCE: KRISTEN KAMMERER
City Council will hold a public hearing Monday on a proposed 6 percent increase in Radford's real-estate tax.
The 7:30 p.m. hearing will be held in the council chambers in the Radford Municipal Building on 2nd Street.
Under the proposal, the city's tax rate would not change. That is because a reassessment of Radford's property values this year increased the city's tax base by 6.6 percent.
In order to avoid an effective tax increase, the council would have to lower the current rate of 68 cents for every $100 of assessed value to 64 cents. But the council has advertised keeping the tax rate at 68 cents and is seeking public comment on that proposal Monday.
For a homeowner whose house is valued at $100,000, the tax rate would increase his city tax bill from $640 to $680 if his house increased by the average 6.6 percent.
The city's proposed budget of approximately $47.2 million exceeds the current fiscal year's budget by 8.9 percent and, if approved, will become effective July 1.
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