Laserfiche WebLink
14 <br /> <br />TUESDAY, DECEMBER 13. 1994 <br /> <br />extension of Commonwealth Boulevard consuming the City's allocation for <br /> <br />the next several years. <br /> <br />Council conducted a public hearing on an amendment to Chapter 1, <br />Section 2 of the City's Charter related to setting tax rates for real <br />and personal property. This section of the Charter sets forth a tax <br />rate not to exceed $2.25 per 8100 of assessed valuation on real and <br />personal property subject to taxation by the City. The proposed <br />amendment would eliminate the cap and allow the Council to set the tax <br />rate annually as needed. City Manager Earl B. Reynolds, Jr. stated <br />that the Charter language was incorporated 'in the early 1940s. <br />Councilman Crabtree said he opposed the Resolution because there isno <br />pressing need to eliminate the cap. There was a motion and second to <br />adopt the Resolution. Mayor Adams declared the public hearing open. <br />Lafayette Jones stated the 4% meals tax, which was adopted July 1, <br />1992, should alleviate the need to raise additional taxes. <br />Commissioner of Revenue J. Ronnie Minter stated that vehicles are <br />currently assessed at 75% of value, however, the Attorney General has <br />issued an opinion which states that vehicles must be assessed at 100% <br />of value. Therefore, unless Council adjusts the personal property tax <br />rate downward as of July 1, 1995, a tax increase will be imposed on all <br />persons who pay personal property taxes on vehicles. Mayor Adams <br /> <br />declared the public hearing closed. <br />-ICrabtree and Mayor Adams voting <br /> <br />Resolution was adopted: <br /> <br /> By a vote of 3-2 <br />in opposition), the <br /> <br />(Councilman <br /> following <br /> <br />WHEREAS, Subsection (1) under Section 2 of Chapter 1 of the Charter of <br />the City of Martinsville provides that said city shall have the power <br />to raise annually by taxes and assessments in said city such sums of <br />money as its council shall deem necessary for the purposes of such <br />city, subject, however to the limitation that said tax shall not exceed <br />the sum of two dollars and twenty-five cents on the hundred dollars of <br />assessed valuation of real and personal property subject to taxation by <br /> <br /> <br />