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ated by the county tax assesors, the state school formula bases “true market value” on the average price per acre of land sold duing the past year. Rappahannock’s land assesment, wlrich was completed just this past spring, places the value of all county real estate at $60 million; the state formula, using the average price per acre of land sold, increases that figure to $90 million. That further weights the formula toward true market value.
“So in a county like this, where the true market value of real estate is so high and personal income and retail sales are so low, it means you have to sell the land to pay the real estate tax in order to pay for the education the state requires,” George Davis, Commonwealth’s Attorney, said. And that doesn’t make good sense, Masterson added. When you put a farm out of business,'you put the farm workers on relief, which adds to the county taxes, you subdivide the land, which brings a need for more schools and more roads, which means more taxes again.
See fare 12
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