The City of Covington proposes to increase property tax levies.
Assessment Increase: Total assessed value of real property, excluding additional assessments due to new construction or improvements to property, exceeds last year’s total assessed value of real property by 3.23%.
Lowered Rate Necessary to Offset Increased Assessment: The tax rate which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed value of real estate with the exclusions mentioned above, would be $0.78 per $100 of assessed value. This rate will be known as the “lowered tax rate”.
Effective Rate Increase: The City of Covington proposes to adopt a tax rate of $0.80 per $100 of assessed value. The difference between the lowered tax rate and the proposed tax rate would be $0.02 per $100, or 2.56%. The difference will be known as the “effective tax rate increase”.
Individual property taxes may, however, increase at a percentage greater than or less than the above percentage.
Proposed Total Budget Increase: Based on the proposed real property tax rate and changes in other revenues, the total budget of the City of Covington will exceed last year’s by 6.65%.
A public hearing on the increase will be held on September 10, 2019 at 6:30 p.m. in Council Chambers of Covington City Hall at 333 W. Locust St., Covington, VA.
Krystal M. Onaitis, MPA
City of Covington
This notice shall be at least the size of one-eighth page of a standard size or a tabloid size newspaper and the headline in the advertisement shall be in a type no smaller than 18-point. The notice shall not be placed in the portion of the newspaper reserved for legal notices and classified advertisements.
Please publish this notice on August 10, 2019