County Executive presents budget recommendations

Charlottesville TomorrowOn Friday March 2, 2007, Albemarle County Executive Bob Tucker unveiled his recommended County budget for fiscal year 2008. The total operating and capital budget is over $315 million dollars. The proposed operating budget alone is $266.1 million, representing a 6.7% increase over the prior fiscal year. The budget is based on maintaining the 2006 property tax rate of $0.74 cents per $100 of assessed value. Local taxpayers saw annual property assessments increase on average 14.9% last year (almost 30% over two years). Assessments are projected to increase 11.5% next year and 5.2% on average in each of the four years after that. [Read more on Charlottesville Tomorrow’s blog]