Real Estate tax rate to remain at .95 cents per 100 dollars of assessed value

At a special meeting held April 10, 2018, Charlottesville City Council unanimously approved the FY 2019 budget, tax rate and vehicle tax relief programs.

City Council voted to:

Establish the 2018 tax year Vehicle Tax Relief Percentage (1st of 1 reading) Set the Annual Tax Levy for 2018 (2nd of 2 readings) Approve the Annual Budget Appropriation for FY 2019 (2nd of 2 readings)

Total general fund expenditures in the FY 2019 budget are $179,725,535 and balanced to general fund revenues of the same amount. This represents a 4.7% increase from FY 2018. Council also approved a FY 2019 Capital Projects Fund budget of $23,401,942.

Council’s major themes in this year’s budget include:

Strong Support for City Schools Preserving and Enhancing Quality Services Affordable Housing Investment Focus on organizational Efficiencies, aligning with our Strategic Plan and Council Priorities, and Maintaining the Real Estate tax rate at .95 cents per 100 dollars of assessed value.

Under the revenue sharing agreement of May 24, 1982, the sum of $15.7 million will be received to the General Fund from the County of Albemarle. Of that amount, $10 million supports the operational budget, $5.3 million shall be transferred to the Capital Projects Fund and $400,000 shall be transferred to the Facilities Repair Fund.