The Abingdon Town Council will discuss lowering the town’s real property tax rate during its Thursday meeting because the value of property went up by nearly 50% during the recent reassessment.
Town Manager Mike Cochran will recommend that the current rate of 28 cents per $100 of assessed value be lowered to 23 cents, he said Monday. Lowering the rate is necessary to help offset the increased assessment.
Even with the decrease, some property owners might still see a slight increase, depending on a property’s value change, according to Cochran.
Abingdon residents pay town and county real property taxes. The county also had an increase in the value of real property of about 50% during its reassessment.
The county and city reassess property every four years.
A public hearing must be held on lowering the tax rate, and it will likely be set for April, according to Cochran.
The council will also consider several minor changes to town ordinances, including one that would decrease the cost of a garage sale permit from $3 to zero.
The meeting will be held at 2:30 p.m. Thursday in the council chambers of the municipal building, 133 W. Main St. in Abingdon. Here’s the agenda.
