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By SHARON KILPATRICK
Rappahannock Newt Staff Writer
The overall increase in real estate assessments in the county is 78.2 percent, not the 48 percent increase reported in last week’s paper. The mistake was caused by a misunderstanding of figures supplied by the Commissioner of Revenue’s Office for land values in the 1988 assessment.
The overall figure for values of land and buddings under the new assessment is $749.7 million, compared to $420.7 million under the 1988 assessment.
The values for land increased much more than the value of buildings. The value assigned to land alone went from an assessment of $218.5 million to $470.2 million—an increase of 115.2 percent.
Buildings increased in value 38.2 percent, from $202.3 million in 1988 to $279.5 million in 1991.
Under the current assessment taxes on 39.8 percent of land value are being deferred through the land use taxation program. If a similar percentage is deferred under the current assessment a tax rate of 46 cents would raise the same amount in real estate taxes that the current rate of 77 cents is raising this year.
However, that is a very big “if.” The Board of Supervisors set a work session for Thursday Oct. 17 at 7 p.m. to decide on land use values for the coming year.
While assessed land values were going up 115 percent, land use values suggested by
93.7%