Real Property Tax Semantics (City of Harrisonburg)


Real Property Tax Semantics (City of Harrisonburg)
By Scott Rogers • April 15, 2008
Currently, property owners in the City of Harrisonburg are taxed at a rate of $0.59 per $100 of assessed value. In other words, a $225,000 home is a tax liability of $1,328 per year. Thus, since real estate values almost always increase in Virginia, unless the City lowers its tax rate, taxes will also almost always increase! And so, this year (2008), the City of Harrisonburg finds itself going through the process of notifying Harrisonburg property owners that they are proposing a real property tax increase. No, they aren't increasing the tax rate ($0.59), but the effective taxes will increase because of increased property values. Here are the details of the changes in the City: Property Assessments increased by 6.45% between 2007 and 2008. To keep the sum of the tax liability for all property owners the same as last year, the City would have to lower the tax rate from $0.59 per $100 of assessed value to $0.5543 per $100 of assessed value. Thus, the effective rate increase is the difference of these two tax rates, an increase of $0.0357 per $100 of assessed value, which is a 6.4% tax increase. Certainly, some property owners will see more (or less) of an increase in their tax liability -- but as a whole, by keeping the tax rate at $0.59, the City is increasing taxes by 6.4%. Do you have questions or opinions about this tax increase? You are welcome to voice them here on my blog, in the comment section. Additionally, a public hearing will take place on May 13, 2008 at 7:00 PM in the Harrisonburg Council Chambers located at 409 South Main Street, Harrisonburg, Virginia. Receive Updates by Email Recent Articles: There Are Plenty Of Types Of Houses That Exist That Just Are Not Available To Purchase Home Sales By Price Range In The City Of Harrisonburg Are You Compromising On Aspects Of Your Next Home That You Can Or Cannot Change Later? How Much Slower Are The Winter Months In Our Local Housing Market? Rockingham County and New Home Sales Drive Surge in Area Housing Market Find The Balance Between Optimistic And Realistic Home Pricing Room Size Is Difficult To Understand Solely From Real Estate Photos How Much Would You Value Not Having To Prepare Your Home For Showings? One Out Of Four Homes Is Taking Longer Than A Month To Sell Consider The Cost Of Your Planned Renovations When Planning Your Offer
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 21, 2024 (unless otherwise noted).
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