Prepping for Charlottesville’s FY23 Capital Improvement Program
The release of Charlottesville’s property tax assessment for 2022 have given budget staff a clearer picture of how much additional tax revenue will come in due to the assessments. That will provide more clarity on a potential increase in the real estate tax rate to cover a capital improvement program that will include $75 million for school reconfiguration, more funding for affordable housing, and other increases that have been sanctioned by the most recent City Council prior to this one.
Before we go too far with that, a subcommittee of the House of Delegates’ Finance Committee has recommended denial of a bill from Delegate Sally Hudson (D-57) that would allow Charlottesville to hold a referendum on a one-percent sales tax increase. (HB545) They also recommended “laying on the table” for another bill that would have allowed all localities to do so (HB531). Both votes were on party lines. More General Assembly updates in a moment.
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