Subject:
Title
Public Hearing for FY 2015/16 Proposed Real Estate Tax Rate
Body
EXPLANATION AND SUMMARY:
Each year, the following year's Town Real Estate Tax rate is recommended by the Town Manager and reviewed during work sessions by the Mayor and Town Council. The public hearing is requested to afford the Vienna residents an opportunity for public comment.
This is a Public Hearing on the proposed real estate tax rate of $0.2288 per $100 of assessed values for FY 2015-2016. The Proposed Budget is based on this rate along with continuation of the current Bank Net Capital rate of $0.80 per $100 of valuation and the Residential Utility Tax rate of 20% of the first $15.00 and the Commercial Utility Tax rate of 15% of the first $300.
The Town Council has reviewed the budget during the work sessions of March 21st and 23rd. The Town Council will further review the Proposed Budget on April 20th.
The Real Estate Tax Rate published for all publication purposes has been $.2288 per $100 value.
Accordingly, Town Council has the option to adopt the real estate tax rate at $.2288/$100 value or lower as it sees fit.
Departmental Recommendation: Recommend a public hearing.
Finance Recommendation: Recommend a public hearing.
Purchasing Recommendation: N/A
Town Attorney Recommendation: In accordance with the state and Town Code, the Town Attorney recommends a public hearing be conducted on the Proposed 2015-2016 Real Estate Tax Rate.
Town Manager's Recommendation: I recommend the Town Council approve of the Fiscal Year 2015-2016 Proposed Real Estate Tax Rate as presented and that the Town Council direct the Town Clerk to advertise the Notice of Intent to Adopt at the Council meeting of May 11, 2015 as presented.
Cost and Financing: N/A
Account Number: N/A
Decision Needed by This date: June 15, 2015
PROPOSED/SUGGESTED MOTION
Recommended Action
"I move to close the public hearing."
"I further move for the (approval/d...
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