LYNCHBURG, Va. – Lynchburg residents have the chance to attend a public hearing on March 30 and express their thoughts over the city’s budget. One major item is a possible increase in real estate taxes.
“As a retired person, on a fixed income, on social security; it is a matter of concern,” said Michael Preston, a 68-year-old resident.
He, like most Lynchburg residents, saw an increase in the latest property assessment.
Preston said his valuation went up 16%, and he’s already paying about $1,100 a year.
“I’ve found [Lynchburg] to be a comfortable and interesting community with a lot of history, so just hope it can stay affordable for a person in my situation,” said Preston.
This comes as the city council considers raising real estate taxes because Lynchburg’s total assessment went up to $428 million.
“In order to equalize that tax rate, we would go from $1.11 to $1.03, and that would cause a significant reduction in revenues,” said Reid Wodicka, interim city manager.
Wodicka says the council doesn’t have too many other options to cover costs.