By Diana McFarland
Isle of Wight residents could face a 12-cent tax increase to cover a $7.9 million budget deficit for the upcoming fiscal year.
Isle of Wight County Administrator Anne Seward is proposing the increase, with 10 cents used to cover part of the county’s shortfall and two cents for the schools.
The remainder of the deficit — $3.2 million — will be made up by pulling from reserves to cover the water reservation fee associated with the Norfolk water deal.
The proposed tax increase follows an 8-cent hike last year to the real estate tax rate — from 65 to 73 cents. It’s also the highest proposed tax rate in the last 20 years — going beyond a peak of 77 cents in 2000. ...(Subscribe!)