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Enclosure <br /> <br />NOTICE OF PROPOSED REAL PROPERTY TAX INCREASE <br /> <br />The City of Martinsville proposes to increase property tax levies. <br /> <br />1. Assessment Increase: Total assessed value of real property, excluding additional <br />assessments due to new construction or improvements to property, exceeds last year's <br />total assessed Value of real property by 4.43 percent. <br /> <br />2. Lowered Rate Necessary to Offset Increase Assessment: The tax rate which <br />would levy the same amount ofreaI estate tax as last year, when multiplied by the <br />new total assessment value of real estate with the exclusions mentioned above, would <br />be $.90 per $100 of assessed value. This rate will he known as the "lowered tax rate." <br /> <br />3. Effective Rate Increase: The City of Martinsville proposes to adopt a tax rate of <br />$.94 per $100 of assessed value. This is the same tax rate which has been in effect <br />since July 1, 1997. The difference between the lowered tax rate and the proposed rate <br />~vould be $.04 per $100, or 4.43 percent. This difference will be known as the <br />"effective tax rate increase," while the actual effect will be to leave the real property <br />tax rate unchanged. <br /> <br />Individual property taxes may; however, increase at a percentage greater than or less <br />than the above percentage. <br /> <br />Proposed Total Budget Increase: Based on the proposed real property tax rate and <br />changes in other revenues, the total net budget of the City of Martinsville will <br />exceed last year's revised budget by 4 percent. <br /> <br /> A public heating on the effective rate increase will be held on May 27, 2003 at <br />7:30 p.m., in the Municipal Building Council Chambers, 55 West Church Street, <br />Martinsville, Virginia. <br /> <br /> The heating shall be open to the public. The City Council shall permit persons <br />desiring to be heard an opportunity to present oral testimony within such reasonable <br />time limits as shall be determined by the City Council. The City is required by State <br />law to reassess real estate every two years. <br /> <br /> Any individual requiring auxiliary aids, including signers, in connection with the <br />public heating, shall notify the City Manager at least five (5) days prior to the date of <br />this meeting. <br /> <br />CITY OF MARTINSVILLE <br />Earl Bi Reynolds, Jr. <br />City Manager <br /> <br /> <br />