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NOTICE OF PROPOSED REAL
PROPERTY TAX INCREASE
The County of .Rappahannock proposes to increase property tax levies for FY 2004.
1. Assessment Increase: Total assessed value of real property,., excluding additional assessments due to new construction or improvements to property, exceeds last year’s total assessed value of real property by 35 percent.
2. Lowered Rate Necessary to Offset Increased Assessment: The tax rate which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed value of real estate with the exclusions mentioned above, would be $.64 per $100 of assessed value. This rate will be known as the lowered tax rate."
3. Effective Rate Increase: The County of Rappahannock proposed to adopt a tax rate of $.70 per $100 of assessed value. The difference between the lowered tax rate and the proposed tax rate would be $.06 per $100, or 9.37 percent. This difference will be known as the “effective tax rate increase."
Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.
4. Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of the County of Rappahannock will exceed last year’s by 8 percent.
A public hearing on the increase will be held on Thursday, June 26, 2003 at 6:00 PM at the Rappahannock County Courthouse.
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