The proposed city real estate tax rate, contextualized


The proposed city real estate tax rate, contextualized
By Scott Rogers • April 26, 2016
The real estate tax rate in the City of Harrisonburg might increase to $0.80 per $100 of assessed value per the City's proposed 2016-17 budget. As shown above, this would be a 36% increase in the tax rate over a five year period. The context that might be missed by just looking at this increase includes.... The proposed $0.80 rate is what is required to balance the budget. That might end up being lower depending on a variety of funding decisions that City Council might make. One of the main reasons for this increase is because two new schools are being built in the City of Harrisonburg. Bluestone Elementary School and Elon Rhodes Early Learning Center -- both of which will be built over the next year to open in Fall 2017. The population of Harrisonburg keeps on growin -- at a pace of approximately 1,000 people per year. Providing services to an ever increasing population is increasingly expensive. Real estate revenue could go up without increasing the tax rate -- if lots of new houses were being built (brand new tax revenue) or if home values increase (higher tax revenue). In the past year, the MLS only shows 25 new home sales in the City of Harrisonburg -- and the median sales price of a single family home in the City has only increased 1.2% over the past year. Interested in knowing more? Read today's article in the Daily News Record (City Eyes Tax Hike In Budget Proposal) or attend the public hearing on the budget this evening at the City Council meeting at 7PM in City Hall Council Chambers. 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 22, 2024 (unless otherwise noted).
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