NOTICE OF PUBLIC HEARING FOR PROPOSED REAL PROPERTY TAX INCREASE

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 7.49
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 $0.065 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 $0.005 per $100, or
7.49 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 0.06 percent.
A public hearing on the increase will be held on Tuesday, April 2, 2024, 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.
A
ntonia Arias-Magallon
A
dministrative Manager