Spring break!! (School is still in session though if you are The Taxpayer...)
Using the Chesterfield County FY2016 Proposed Budget, the total value of real estate in Chesterfield County is projected to rise from $31.1B to $36.8B from FY15 to FY19. This represents an 18 percent increase over the five year period and is shown in BLUE.
To maintain the total real estate tax revenue stream at FY2015 levels, one would need $298.7M per year (shown in GOLD). Since the total value of real estate is projected to increase, state law requires the real estate rate to be revenue neutral unless action by the Board of Supervisors is taken to raise or lower the real estate tax rate. The following rates (shown in GRAY) would be in effect with no Board action using the County’s projected increase in total real estate value:
· FY16 $0.92 per $100 value of real estate
· FY17 $0.88 per $100 value of real estate
· FY18 $0.85 per $100 value of real estate
· FY19 $0.81 per $100 value of real estate
It is also important to note that the proposed $0.98 real estate tax rate proposed last year and rejected is now within 99% to 100% of the proposed FY16 real estate revenue budget projections at a tax rate of just $0.96. ???? Clever.
The Taxpayer's Bottomline...
Watch your purses on April 15th when the Board of Supervisors meets to raise your taxes once again. Purse snatchers and pickpockets walk the halls of Chesterfield County.