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.
1. 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 9.97 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 $1.091 per
$100 of assessed value. This rate will be known as the “lowered
tax rate.”
3. 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 $0.109 per $100 or 9.97 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 City of Salem will exceed last year’s budget by 7.4%.
A public hearing on the “effective tax rate increase” will be held on Tuesday,
May 28, 2024, 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
