LYNCHBURG, Va. – On June 23, at 7 p.m., the Lynchburg City Council will hold a public hearing at City Hall, located at 900 Church Street, to discuss a proposed increase in real property taxes.
The primary focus of the hearing will be on the assessment increase of real property. This year, the total assessed value of real property—excluding any additional assessments from new construction or improvements—has risen by 12.9 percent compared to last year.
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To ensure that the city collects the same amount of real estate tax as last year, a lowered tax rate of $0.767 per $100 of assessed value would need to be applied to the new total assessed value, according to city officials. This rate is referred to as the “lowered tax rate.”
However, the City of Lynchburg is proposing a new tax rate of $1.025 per $100 of assessed value. This proposed rate represents an effective tax rate increase of $0.258 per $100, which translates to a 33.64 percent increase over the lowered tax rate. This difference will be known as the “effective tax rate increase.”
In addition to the proposed tax rate, the city’s total budget is expected to increase by 8.2 percent compared to last year, based on the new real property tax rate and changes in other revenue sources.
The public hearing is open to all community members. For those who wish to review the full text of the proposed ordinance, it is available during normal business hours at the Office of the Clerk of Council in City Hall.
If you have questions or comments, you can reach out to Alicia L. Finney, the Clerk of Council, at 434.455.3990 or via email at alicia.finney@lynchburgva.gov .