City Of Harrisonburg Considers 8% ($0.08) Increase In Real Estate Tax Rate


City Of Harrisonburg Considers 8% ($0.08) Increase In Real Estate Tax Rate
By Scott Rogers • April 16, 2024
The current real estate tax rate in the City of Harrisonburg is $0.96 per $100 of assessed value. That means that if you owned a home assessed at $280,000 (median City sales price over the past 12 months) you would pay $2,688 of real estate taxes each year... or $224 per month. City Council is considering an increase of the real estate tax rate to $1.04 per $100 of assessed value. If this change is approved, your real estate tax bill on your $280,000 home would increase to $2,912 pear year... or $243 per month. Looking at the details and the big picture, both of these statements seem to be true... [1] This $19 increase in monthly real estate taxes is not a huge change. [2] Home values have increased significantly over the past four years and so has the city real estate tax rate. Four years ago the median sales price was $200,000 and the real estate tax rate was $0.86. This cumulative twofold increase has resulted in a significant increase in city real estate taxes. Four years ago ($200K, $0.86) the tax bill would been $1,720/year or $143/month compared to today's tax bill ($280K, $1.04) of $2,912 or $243/month. In whole, over four years, a monthly real estate tax bill may have increased by $100/month. The potential increase in the city tax rate seems to be primary due to the opening of Rocktown High School. From the City's "budget in brief" (link below) we read... "For some time, we have known that the 2024-2025 budget would need to accommodate staffing the soon-to-open Rocktown High School. That effort, in addition to other needs within Harrisonburg City Public Schools, resulted in the school system's ask for an additional budget transfer of $6.6 million, equating to the 8-cent tax increase you will see in this year's budget proposal. Of the $6.6 million increase, $4.2 million is requested specifically for Rocktown High." Read more about the potential upcoming changes in the City real estate tax rate here... Daily News Record: City Council Hears Budget Proposal The Citizen: City leaders mull 8-cent property tax increase to pay for new school's opening, other services City of Harrisonburg: 2025 Proposed Budget \| Budget in Brief 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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