Monday, May 07, 2012
A Tax Increase or a Tax Restoration?
Bristol Virginia residents will probably see an increase in the real estate tax rate. The City Council may approve the current version of the proposed 83-million dollar plus fiscal budget. The real estate tax would go up 5 cents from 94 to 99 cents per $100 of assessed value. Mayor Ed Harlow wanted what he called restoration instead of increase as he praised the spending plan. He says this action actually restores 5 cents of the base rate that at one time was cut to 94-cents from 1.05, so by adding the 5 cents the rate will be back to 99 cents per 100-dollars of assessed value. The budget includes the 3 percent pay increase for city employees. City leaders plan to hold off until May 15th before considering the budget and will not discuss it at Tuesday’s regular meeting claiming that final budget numbers from the state are not yet available. They expect to have a work session before the 15th hearing and State law requires seven days advance public notice on such a hearing. Two readings of the budget are required and it must be in place before the new fiscal year begins July first. (bg)