NOTICE OF PROPOSED REAL PROPERTY TAX INCREASE FOLLOWING REASSESSMENT


The County of Lunenburg proposes to increase property tax levies based on the 2024 Real Estate Reassessment. A public hearing on the effective tax increase will be held on March 14, 2024 at 6:00 PM in the General District Courtroom, Lunenburg Courts Building, Lunenburg, VA  23952.

  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 27 percent (27%). Note: 2023 Calendar Year assessed values were $954,775,100, the reassessed values for the 2024 Calendar Year are $1,213,946,300.
  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 $0.30 per $100 of assessed value. This rate will be known as the "lowered tax rate." Note: 2023 Calendar Year assessments would yield $3,628,145 at 100 percent collection rate. In order to collect at that same total with 2024 Calendar Year reassessed values, the rate would drop $0.08 per $100 to $0.30 per $100 assessed value for a collection total of $3,641,839.
  3. Effective Rate Increase: The County of Lunenburg proposes to adopt a tax rate of $0.33 per $100 of assessed value. The difference between the lowered tax rate ($0.30/$100) and the proposed rate $0.33/$100) would be $0.03 per $100, or 10 percent (10%). This difference will be known as the "effective tax rate increase." Note: This means the overall assessment increase in property values is 27%, but the effective rate will yield an average of 10% increase in tax levies, an estimated collection total of $4,006,022.

**Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.

  1. Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total FY24 budget of Lunenburg County will exceed last year's by 0.35 percent (0.35%), due to semi-annual tax collection being split over the fiscal year. Collection takes place June 5th and December 5th.

This tax rate adjustment is made effective for the current tax year, Calendar Year 2024 (January 1-December 31), and is not reflective of rates for upcoming calendar years (2025 and forward) which may be adjusted and adopted based on Fiscal Year (July 1-June 30) budgetary needs and will be advertised for a separate public hearing.

The public is invited and encouraged to attend. It is the intention of the Lunenburg County Board of Supervisors to comply with the Americans with Disabilities Act.  Should you need special accommodations, please contact the County Administrator’s Office at 434-696-2142 prior to the meeting date.