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Taxable Property
$1,120 Per Person
NEW YORK, June 24 - From the standpoint of property taxes, how are residents of Rappahannock County making out these days?
What changes have taken place lately in property valuations in the local area?
With people all over the country aroused over their steadily mounting real estate taxes, a look at the local assessment situation is in order.
Such a look has just been taken by the Census Bureau as part of a nationwide survey of state and local government operations, which it makes every five years. Its findings are released in the “Census of Governments, 1967.”
They show that, in Rappahannock County, where the property tax is the principal source of revenue for local government needs, the assessed value of property subject to such tax, came to $5,264,000, compared with the total reported five years before, $3,723,000.
The increase in the period amounted to 41.4 percent. In the United States, the rise was 37.3 percent.
The figures do not include property belonging to churches, nonprofit hospitals and public agencies that are generally exempt from taxation.
Because property is usually assessed for tax purposes at something less than its actual value, this is not to be taken as the true market worth. Rather, it is the tax base against which local tax rates are applied.
The tax rates used in connection with assessed value vary widely across the country. In some areas, where property is assessed at only a small fraction of real value, tax rates are often higher than in places where assessments are closer to true values.
In terms of population, the tax base in Rappahannock Gounty was equivalent to $1,120 in taxable property per local resident.
Not only are property valuations rising all 6ver the country, but the tax rates applied to them are going up as well.
Local communities have been forced to take such action because of increased demands for service and because of the effects of inflation on their operating costs, which have been rapidly spiraling skyward.
As a result of this trend, the revenue from property taxes throughout the United States has increased by nearly 10 percent during 1967 alone.
83.0%