Norfolk considers changes to property tax rate calculations

Norfolk considers changes to property tax rate calculations

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Norfolk considers changes to property tax rate calculations

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by Karen Hopkins, 13News Now

WVEC.com

Posted on September 24, 2013 at 1:53 PM

Updated Wednesday, Sep 25 at 4:12 PM

NORFOLK-Norfolk is considering a change to its property tax rate.

"Having a stable level of revenue helps us provide consistent services to our residents. Council plans to continue the discussion," spokeswoman Lori Crouch said.

The new plan would tie the property tax rate to variables like inflation, income and population growth.

City manager Marcus Jones presented the idea at the city council retreat Monday, saying the change would help the stabilize the city’s property tax revenue. Instead of relying on council members to vote to raise the rate, the amount would increase or decrease with market changes.

If council goes on to approve this measure, Jones predicts the city could bring in an additional $5.4 million within three years.

 

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