Hearing set on IW real estate, meals tax increases
Published 5:15 pm Monday, May 6, 2024
Isle of Wight County supervisors will hold a public hearing May 9 on a proposed 5-cent increase in the county’s real estate tax rate, ahead of a planned same-day vote on the matter.
The supervisors previously held a separate hearing on April 18 concerning the county’s proposed $108.9 million fiscal year 2024-25 budget. If approved, the budget and proposed tax rates would take effect July 1.
Isle of Wight currently charges 71 cents per $100 of assessed value for real estate and is proposing to raise the amount to 76 cents.
Also proposed is a 6% meals tax surcharge, up from the current 4%.
The hearing is scheduled for the supervisors’ 6 p.m. meeting in the first-floor General District courtroom of the Young-Laine courts building at 17000 Josiah Parker Circle.