The Town of Vinton proposes to increase property tax levies.
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 11.77 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 $0.0626 per $100 of
assessed value. This rate will be known as the “lowered tax rate.”
3. Effective Rate Increase: The Town of Vinton proposes to
adopt a tax rate of $0.07 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $.0074 per
$100, or 11.77 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
Town of Vinton will exceed last year’s by 15.67 percent.
A public hearing on the increase will be held on Tuesday, April 4, 2023
at 6:00 p.m. or as soon thereafter as the matter may be heard, in the
Council Chambers of the Vinton Municipal Building, located at 311
South Pollard Street, Vinton, Virginia.
Additional information concerning the meeting and the public hearing
will be made available on the Town’s website at least three days before
the meeting date. Persons requiring special assistance to attend and
participate at this public hearing should contact the Town Manager’s
office at (540) 983-0607.