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	<title>Comments on: Town Property Values Drop 35% &#8212; Tax Rates Will Increase</title>
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	<link>https://capecharleswave.com/2013/04/town-property-values-drop-35-tax-rates-will-increase/</link>
	<description>Your Online Newspaper in Cape Charles, Virginia</description>
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		<title>By: Kearn Schemm</title>
		<link>https://capecharleswave.com/2013/04/town-property-values-drop-35-tax-rates-will-increase/#comment-9321</link>
		<dc:creator><![CDATA[Kearn Schemm]]></dc:creator>
		<pubDate>Thu, 11 Apr 2013 11:49:48 +0000</pubDate>
		<guid isPermaLink="false">http://capecharleswave.com/?p=6139#comment-9321</guid>
		<description><![CDATA[I think it would be a good idea to give a concrete example of the current tax cost for a home and the new tax cost, after the reassessment.  Will it be an actual increase, or not?  Can someone in the town or county do that for the Wave?

&lt;em&gt;Good question, but no easy answer. Neither the County nor the Town has set its new tax rate. In the unlikely event that the taxing authorities ask for no more money than last year, the &quot;equalization rate&quot; for the Town would be .0027 and for the County .0070. Add them together and you get .0097 (assuming the property is inside Town limits). Now look at your reassessed property value here: http://www.co.northampton.va.us/gov/pdf/2013_Reassessment_Book.pdf. Multiply the value times .0097 and you have a hypothetical tax that may be more or may be less than you paid last year. An easier way, as noted in the story, is just to divide your new property assessed value by 100 to get a guesstimate of your combined new tax bill. -EDITOR]]></description>
		<content:encoded><![CDATA[<p>I think it would be a good idea to give a concrete example of the current tax cost for a home and the new tax cost, after the reassessment.  Will it be an actual increase, or not?  Can someone in the town or county do that for the Wave?</p>
<p><em>Good question, but no easy answer. Neither the County nor the Town has set its new tax rate. In the unlikely event that the taxing authorities ask for no more money than last year, the &#8220;equalization rate&#8221; for the Town would be .0027 and for the County .0070. Add them together and you get .0097 (assuming the property is inside Town limits). Now look at your reassessed property value here: <a href="http://www.co.northampton.va.us/gov/pdf/2013_Reassessment_Book.pdf" rel="nofollow">http://www.co.northampton.va.us/gov/pdf/2013_Reassessment_Book.pdf</a>. Multiply the value times .0097 and you have a hypothetical tax that may be more or may be less than you paid last year. An easier way, as noted in the story, is just to divide your new property assessed value by 100 to get a guesstimate of your combined new tax bill. -EDITOR</em></p>
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