NOTICE OF PROPOSED REAL PROPERTY TAX RATE INCREASE
The County of James City, Virginia, proposes the real property tax levies:
1. Assessment Increased: Total assessed value of real property, excluding additional assessments due to new construction or improvements to property, exceeds last year’s total assessed value of real property by 8.1 percent.
2. Lowered Rate Necessary to Offset Increased Assessment: The tax rate, which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed value of real estate with the exclusions mentioned above, would be $0.796 per $100 of assessed value. This rate will be known as the "lowered tax rate."
3. Effective Rate Increase: The County of James City, Virginia, proposes to adopt a real tax rate of $0.85 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $0.054 per $100, or 6.8 percent. This difference will be known as the "effective tax rate increase."
Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.
4. Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of James City County exceeds last year's by 7.6 percent.
A public hearing on the increase will be held on Tuesday, September 14, 2004, in the Board Room at the County Government Center, 101-F Mounts Bay Road, Williamsburg, Virginia.
THE HEARING WILL BE AIRED LIVE ON CABLE TV CHANNEL 48 GOVERNMENT INFORMATION CHANNEL.
BOARD OF SUPERVISORS
James City County, Virginia
SANFORD B. WANNER