Lunenburg tax rate rising: Supervisors sign off on increase

Property owners in Lunenburg County will see a difference in their next tax bill. The Lunenburg tax rate for real estate will be going up.

The Lunenburg County Board of Supervisors agreed to the increase at their March 14 meeting, raising the rate by 3 cents for every $100 of assessed value. This increase will generate $377,877 in additional revenue.

A reassessment conducted for 2024 shows property values were $1,213,946,300, up from $954,775,100 in the previous tax year, according to information in the supervisors’ packet. To bring this year’s levy to last year’s levels, the rate would need to decrease to 30 cents per $100 assessed value.

“This means the overall assessment increase in property values is 27%, but the effective rate will yield an average of 10% increase in tax levies,” the notice of proposed real property tax increase following reassessment states.

Lunenburg County Administrator Tracy Gee said the additional revenue from the increase will go to public safety, primarily in the Sheriff’s Office for additional hours of coverage with only a 4-hour gap in overnight full-time coverage, and staff retention/ recruitment.

Gee noted that the budget for the next fiscal year has not yet been proposed, but the first step involves setting the Lunenburg tax rate. She argued property owners did see their investment in real estate in Lunenburg pay off in the reassessment.

Gee said it has been six years since a reassessment was conducted in the county.

“The housing market and values have greatly increased in that time frame,” she said in explaining the 27% increase in real estate values.

The post Lunenburg tax rate rising: Supervisors sign off on increase appeared first on Kenbridge Victoria Dispatch .