Town of Dayton recently issued the following announcement.
The Town of Dayton, Virginia proposes to increase property tax levies.
1. Assessment Increase: 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 35.8 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 $.06 per $100 of assessed value. This rate will be known as the "lowered tax rate."
3. Effective Rate Increase: The Town of Dayton proposes to adopt a tax rate of $.08 per $100 of assessed value. The difference between the lowered tax rate and the proposed rate would be $.02 per $100, or 25 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 Town of Dayton will exceed last year's by 0.9 percent.
A public hearing on the increase will be held on May 9, 2022, at 6:00 p.m. in the Council Chambers of the Dayton Town Hall, 125B Eastview Street, Dayton VA. The meeting will be available for livestream viewing via Zoom and the link will be posted on the Town’s website at www.daytonva.us. Those interested in speaking at this hearing must attend in person as no public comments will be accepted via Zoom.
Please note that this notice is due to an increase in the assessed real property values not an increase to the tax rate which has remained constant at $.08/100 for many years. Please contact the Treasurer's Office for more information or if you have additional questions.
Original source can be found here.
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