NOTICE OF PROPOSED REAL PROPERTY TAX INCREASE
Pursuant to Section 58.1-3321, Code of Virginia (1950), as amended, notice is hereby given that the City of Salem proposes to increase property tax levies.
- Assessment Increase: The 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 6.28 percent.
- 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 $1.129 per $100 of assessed value. This rate will be known as the “lowered tax rate.”
- Effective Rate Increase: The City of Salem proposes to adopt a tax rate of $1.20 per $100 of assessed value. The difference between the lowered tax rate and the proposed tax rate would be $0.071 per $100, or 6.28 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.
- Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of the City of Salem will exceed last year’s by not more than 30 percent.
A public hearing on the “effective tax rate increase” will be held on Monday, May 23, 2022, and on Monday, June 13, 2022, at 6:30 p.m., or as soon thereafter as the matter may be heard, in Council Room, 114 North Broad Street, Salem, Virginia. All persons shall be offered an opportunity to speak and state their views concerning the proposed real property tax increase within such reasonable time limits as shall be established by City Council. Persons desiring to speak on behalf of others must have their names placed on the agenda in accordance with regular procedures of Salem City Council. Written comments of interested citizens will be received by the City Clerk prior to the meeting.
