City Council approved a $143 million budget yesterday for the next fiscal year, which begins July 1. Though city spokesman Ric Barrick described it as “lean” in his release, the budget is a slight increase over the budget approved last year.
Tax rates will remain the same, at 95 cents for every $100 of assessed value. The city claims that 71 percent of city property owners will see their taxes fall or remain the same because most property assessments did not rise. The nominal tax rate hasn’t changed since fiscal year 2006, when it was dropped from 99 cents during a time when property assessments were rapidly rising.
With the city’s resolution, the high drama of budget season comes to a close. Albemarle County approved its $304 million budget last week, which also keeps tax rates the same.