Local officials are proposing an increase in Virginia Beach real estate taxes to cover a huge shortfall in the city budget.
The issue will be discussed in a Public Hearing to be held on April 22, 2010 at 3pm, at Tallwood High School on Kempsville Road.
The increase will raise property taxes by 3 cents for every $100 of assessed value of the property, for a new total of 92 cents per $100 of assessed value.
As an example, a home that Virginia Beach has assessed at a value of $300,000 will cause the property to cost an additional $90 in taxes.
The 3 cents doesn't sound like a lot at first glance, but the the reality of it coming to $90 will definitely have a negative effect on the average homeowner's budget.
Attend the hearings if you want your voice to be heard - this is a classic example of how politicians hammer away at family budgets, disguised as a "who cares about 3 pennies?" matter.
