NOTICE OF PROPOSED EQUALIZED REAL PROPERTY TAX RATE INCREASE
The Board of Supervisors of Northampton County, Virginia, proposes to equalize property tax levies.
1. Assessment Increase: 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 21.18 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 $0.6272 per $100 of assessed value. The Code of Virginia allows for a 1% growth of the levy which results in an equalized rate of $0.6335.
3. Effective Rate: The Board of Supervisors of Northampton County, Virginia, proposes to adopt a tax rate of $0.685 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $0.0515 per $100 or 8.12%. 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 Northampton County will exceed last year’s by 12.1%
A public hearing on the Equalized Tax Rate will be held on May 28, 2024, commencing at 5:00 p.m. in the Board Room of the County Administration Building, 16404 Courthouse Road, Eastville, Virginia. The hearing will be open to the public. The governing body shall permit persons desiring to be heard an opportunity to present oral testimony within such reasonable time limits as shall be determined by the governing body.
5. The Board will convene a separate public hearing on June 11, 2024, commencing at 5:00 p.m., in the Board Room of the County Administration Building, 16404 Courthouse Road, Eastville, Virginia, to consider the proposed FY 2025 budget which may increase, decrease or retain the Equalized Tax Rate.
Handicapped assistance available: Call 757/678-0440.