RADFORD – The Radford City Council is considering an increase to the real estate tax rate.
A public hearing is scheduled for 5:30 p.m. April 16, 2024 on the proposed tax rates for calendar year 2024.
“Interested parties are invited to attend the public hearing and present their views,” according to the city.
The hearing will be held in the Council Chambers located at 10 Robertson St.
Details are as follows:
- 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 31 percent.
- 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 $.64 per $100 of assessed value. This rate will be known as the “lowered tax rate.”
- Effective rate increase: The City of Radford proposes to adopt a tax rate of $.69 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $.05 per $100, or 6.25% 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 depending on the property’s newly assessed value.
- Proposed total budget increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of the City of Radford will exceed last year’s by 10 percent.
A copy of the proposed budget is available for review in the City Manager’s office, and on the City’s website at www.radfordva.gov.
Staff report
