Wednesday, May 17, 2006

Norfolk Cuts Real Estate Tax Rate

The Norfolk City Council has voted to reduce the real estate tax rate by $.08, bringing the rate down to $1.27 per assessed value from $1.35. Even with this decrease, most Norfolk homeowners will still see an increase in ther real estate taxes this year due to a 25.8% increase in assessments.

The Council also approved the state's first tax deferral system. This system will allow homeowners with incomes of less than $100,000 to defer all real estate tax increases of more than 10 percent until the home is sold.
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2 Comments:

At 4:37 AM, Blogger Gospel Music said...

super blog...keep it up, will check back again for updates - denver colorado real estate consultant

pay that page a visit as well

 
At 9:57 PM, Blogger va beyatch said...

Gospel music is a spammer! Die spammer!

Good thing salaries are keeping up with all these new taxes! Oh wait, they aren't! LOLLERSK8Z!

Our local cities are escalating their spending right along with the tax increases. How quick will they readjust the values once the property values start falling 20% YOY in a year when the recession hits?

Oh yea, www.HRConnect.com - Hampton Roads online community.

 

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