If I recall correctly, however, the county software can’t handle half-cents, so we’re looking at 75 cents as revenue neutral.

That’s the sort of thing that makes my head explode. (or desire that someone else’s does)

Just another example of how Cumberland County tells you one thing, and does another.

We are also currently in a spending and borrowing spree, borrowing ten million dollars using the Administration building as collateral for the IDA loan.

Albemarle County Code 15-1000C requires assessments to be 100% of fair market value. Albemarle also went to an annual assessment last year or so, I’m guessing to capture all the “lost” revenue in times of rapidly increasing assessments.

Jim’s point is covered in 58.1-3321 which requires localities to adjust the tax rate if the assessments cause a jump of more than 1% over the previous year to a rate which would produce no more than 101% of the previous year’s tax revenue. I don’t think that will be a problem this year. I fully expect assessments to drop, which will require an increase in the assessment to remain revenue neutral. I believe I read somewhere that Supervisor Slutsky is already looking at a tax rate of 76 cents at a minimum (up from 71 cents currently). I have no idea what the rate would need to be to remain revenue neutral.

I believe, and I’ll try to cite the code later, that assessments have to be the actual value of the property. Some localities do them every four or five years (Nelson), some every year (Charlottesville) ….

I believe that Code also says that the rate has to drop to revenue neutral upon re-assessment (I could be wrong) and that the gov’t then has to advocate for a higher rate – this happened last time in Albemarle, where they’re already planning for an increase in the mil rate.

On the subject of real estate, have any localities in VA lowered the assessed value of properties in their jurisdictions? Does VA Code require accurate assessment? How fresh must an assessment be? Can we keep the real estate bubble on the tax rolls as we rumble into the depression?

To my knowledge, the state a) obligates assessments to be as accurate as possible and b) does not obligate assessments to be conducted at any minimum frequency. But that’s as it’s been described to me by others—I’m afraid I can’t cite a chapter and section of the Virginia code on that. Maybe somebody else can?