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<br />- <br /> <br />",- <br /> <br />1~ <br /> <br />TUESDAY <br /> <br />AUGUST 11, 1970 <br /> <br />The regular semi-monthly meeting of the Council of the City of MartinsVille, <br /> <br />Virginia, was held Tuesday, August 11, 1970, in the Council Chamber, City <br /> <br />Hall, beginning at 7:30 P.M., the following members being present: Vice- <br /> <br />Mayor Francis T. West, presiding (Mayor Renick being away on vacation); <br /> <br />Harry L. Boaz; W. Donald Hartford; and William B. Hobson. <br /> <br />After the invocation, Council approved as recorded the minutes of its regular <br /> <br />meeting held July 28, 1970, and the adjourned session thereof held July 30, <br />1970. <br /> <br />In continuing its consideration, from its regular meeting held July 28th, of <br /> <br />a request from the Board of Assessors (now conducting the required quadrennial <br /> <br />reassessment of taxable real estate) that Council establish the ratio-of-assessed_ <br /> <br />valuation-to-appraised-valuation, which will hold for the next four tax years <br /> <br />(i.e., 1971 through 1974), Council was apprised of the fact that any increase <br /> <br />above the present 50%-ratio, with a compensating reduction in the tax rate, will <br /> <br />result in less revenue to the City from property taxes on public service <br /> <br />corporations than is presently realized, inasmuch as the assessment ratio on such <br /> <br />properties is fixed by the State Corporation Commission at 40% and the City must <br /> <br />apply the same tax rate to such properties as it applies to other taxable real <br /> <br />estate. After Some discussion, Council continued this matter to its next regular <br /> <br />meeting or to a special meeting prior to the next regular meeting date, if <br /> <br />additional information on this subject becomes available. <br /> <br />Having recently received a copy of Chapter I of the City's Business License Tax <br /> <br />Ordinance, reflecting certain revisions thereof and amendments thereto, as <br /> <br />previously enacted, and reflecting a proposed revision thereof to provide for <br />