Block · one region of the page, as the scanner read it. It may hold a whole story, part of one, several, or an advertisement; stitching blocks into articles is the next step. Text is supplied OCR.
Page 2 · column 4 of 9 · from the scan, no model involved
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“Okay, let’s take $50,000,” Luke suggested.
Paper Loss Only
"1 don't think the loss is anything at all when you come right down to it,” Forberg maintained. "There really isn't any lost revenue at all. It's a paper loss only.”
He reported that he’d done some research on Augusta County when that jurisdiction adopted land use with 100 per cent fair market value assessment and found that taxes there on land actually increased by about one-third while taxes on buildings increased about one-sixth. , Wood asked again why the state was requiring counties to assess at 100 per cent fair market value.
Forberg explained that the state allotted funds to localities for education based on a formula that included land values as one of the prime factors. The state also uses land values and tax rate to determine a localities ability to pay for education in comparison with local effort to pay for schools.
Rappahannock currently assesses at a percentage of market value (approximately 60 per cent) and then applies a tax rate to a percentage (15 per cent) of the assessment. “What kind of mathematical gyrations do you expect people to go through?” Forberg asked. The General Assembly, in requiring 100 per cent fair market value assessment “is trying to do things so people can understand,” he said.
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