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159 <br /> <br /> Enclosure # <br /> March 13, 2003 <br /> <br /> A work session meeting of the Council of the City of Martinsville, Virginia, was <br />held on March 13, 2003, in Council Chamber of the Municipal Building, beginning at <br />11:00 A. M., with Mayor Gene Teague presiding, to discuss real estate assessments <br />and tax exempt status State law. Council Members present included: M. Gene <br />Teague, Mayor; Terry L. Roop, Vice Mayor; and Council Members Joseph R. Cobbe, <br />Bruce H. T. Dallas, and J. Ronald Ferrill. <br /> <br /> Ruth Easley Krauss, Commissioner of the Revenue, stated that the 2002 biennial <br />assessment revealed a $559,553,200 tax value, of which $86,043,800 is from exempt <br />properties. Public services are not included in the stated tax value. The last revision to <br />the tax rate was on July 1, 1997, at $0.94 per $100 assessed. If the rate remains the <br />same, $5,259,612 would be the expected revenue. State law requires a public hearing <br />if real estate assessments exceed one percent of the previous year's levy. The sale of <br />Memorial Hospital created a $14.5 million increase in value. Various methods are used <br />for assessments, including sales, replacement costs, fair market value, and income that <br />the property will generate. Prior to this year, 1995 was the last year that an increase <br />was above one percent. Council reviewed the assessment process and discussed <br />residential versus commercial and industry. <br /> <br /> Council discussed the change in State law regarding the granting of tax exempt <br />status with the assistance of Mrs. Krauss and Eric Monday, City Attorney. Mrs. Krauss <br />stated that it places the responsibility on the locality. Her recommendation is to at least <br />establish local policy. <br /> <br /> <br />