This just in Wednesday night.Chesterfield County will be lowering its real esate property tax from 1.04 to .97. The proposed .99 (a five cent reduction) was further educed in debate to .97 by the BOS Wednesday night.
**the true issue for residents became the tax rate because the real estate assesments had seen about a 16% increase. Residents will still see there annual tax bill rise. The rate however is still considerably less than nearby Richmond.
One thought raised in all of this is if real estate values are increasing as well and owners have seen tremondous growth in the value of their respective homes in the last five years. Ownership in the county has been a great investment and for those who have sold their property they have seen a much greater return from 2002 to 2007 then say 1996 to 2001.
What should have happened was the BOS should have lowered the rate to its proposed rate and mandated that a portion say .03 to .05 be set aside directly for roads and transportation funding. Residents while realizing an increase would have at least seen a direct benefit of having their tax dollars actually go where the County needs it most. Better yet the BOS should have expanded the tax relief program in place for those truly in need of it (Seniors, handicap, etc.) maintained the property rate and dedicated .07 to transportation concerns. Thats over 200 million dollars over the next 10 years to fix our roads.
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