The Albemarle County Board of Supervisors adopted a fiscal year 2023 Budget and set the calendar year 2022 tax rates on Wednesday.
“Public engagement over the last several months has demonstrated broad resident support for the proposed budget; and the relatively modest adjustments during the development process are a testament to the confidence our community has in the work of staff under County Executive Jeff Richardson, as well as the alignment of our strategic priorities with our community’s high expectations for engaged local government services,” Board Chair Donna Price said.
The Fiscal Year 2023 Budget makes transformative investments in the community, including funds to open Biscuit Run Park and begin three new school projects over the next five years; to work differently, with a community focus to individuals in crisis; to provide more urban levels of service for public safety, road and right of way maintenance, transit, and tourism; and to continue to modernize and streamline government systems and processes to more effectively meet the needs of the community. The budget also fully funds the Albemarle County Public Schools operating budget.
The tax rates include:
- A decrease in the personal property tax rate, which applies to vehicles and business personal property, from $4.28 per $100 assessed value down to $3.42 per $100 assessed value, in response to an average of 26 percent increase in valuations of vehicles due to global supply chain issues. Effective January 1, 2022.
- The real property tax rate of $0.854 per $100 assessed value, the same as the prior year. Effective January 1, 2022.
- Increases to the food & beverage (from 4 percent to 6 percent) and transient occupancy tax rates (from 5 percent to 8 percent), in an effort to diversify local revenue sources and to shift revenue sources from those who live here and more toward those who visit our community for business, commerce, or tourism. Effective July 1, 2022.
- Establishment of a plastic bag tax of $0.05 per disposable plastic bag using newly-delegated authority under the State Code, in an effort to reduce the amount of plastic bags used in the community, in alignment with natural resource stewardship and climate action goals. Effective January 1, 2023.
Use of American Rescue Plan Act funds within the budget, totaling $12 million, will make investments in affordable housing, universal broadband infrastructure, sewer connections for low-income households, support non-profits serving vulnerable populations, and support economic development opportunities to strengthen our local economy.
The adopted County All Funds Budget for Fiscal Year 2023 is $586,282,008.
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