A public hearing on a proposed increase in the real estate tax will be held tonight, March 30, during the 6 p.m. meeting of the Patrick County Board of Supervisors.
Earlier this month, County Administrator Geri Hazelwood recommended the increase, not exceed 73-cents per $100 of value.
The current real estate tax rate is 68-cents.
With the current rate, the real estate tax on a $100,000 home is $680. With the proposed increase, the amount of tax on a $100,000 property would be $730.
The meeting and hearing will be held on the third-floor of the Patrick County Veterans Memorial Building.
As value on real estate goes up there is automatically a increase in real estate revenue, average property value increase in VA in last 10 years is approximately 35% to 45% that is a matching increase on real estate revenue without any percent increase, These percent increases on top of this makes in hard on retired fixed income individuals. Just like sales tax a raise of 1% is roughly a 19% increase in sales tax, as prices go up so does revenue without a percent increase, If this is going to be a systematic way to increase revenue by raising percent remember there is only 100%,