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Agenda Item
3. 24-245 Calendar Year 2024 Personal Property Tax Rate. To receive public comment on its proposed increase in the tax rate from $3.42 per $100 of assessed value to $3.96 per $100 of assessed value, on all classes of property subject to taxation by the County pursuant to Chapter 15, Article 8 of the County Code, including tangible personal property; tangible personal property employed in a trade or business that is not otherwise classified as machinery and tools; merchants' capital; short-term rental property, with an original cost of less than $500; and machinery and tools, as enabled by Title 58.1, Chapter 35 of the Code of Virginia (1950), as amended, to be effective on and after January 1, 2024.
The proposed rate's absolute increase of $0.54 from $3.42 to $3.96, represents a 15.8% relative increase, almost twice the 8.64% CPI increase from March 2022 to March 2024. That is definitely an excessive rate increase. I see no justification for increases exceeding inflation by such large amount.
The proposed rate's absolute increase of $0.54 from $3.42 to $3.96, represents a 15.8% relative increase, almost twice the 8.64% CPI increase from March 2022 to March 2024. That is definitely an excessive rate increase. I see no justification for increases exceeding inflation by such large amount.