by Tom Chillemi –
When the Urbanna Town Council meets at 7 p.m. on Thursday, May 12, its finance committee will present its proposed budget.
Finance Committee Chairman Bill Goldsmith said the committee is proposing a two-cent reduction in the real estate tax rate to 21 cents per $100 of assessed value. The current rate is 23 cents per $100. The rate reduction is being proposed due to the recent county-wide reassessment, which showed an increase in real estate values due to increased demand for housing in the county.
Each penny on the real estate tax rate raises about $13,230 in revenue.
Even with the rate reduction, Goldsmith said, the town’s real estate tax revenue will increase about $25,000, going from about $253,000 to $277,000…
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