BOTETOURT COUNTY, Va. – Leaders in Botetourt County adopted the budget for FY21 on Tuesday, and it includes something leaders said is unique in Virginia.
The Botetourt County Board of Supervisors unanimously adopted the new budget, which includes a real estate tax relief program and grants for local small businesses.
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Leaders said the real estate tax relief to taxpayers is an “innovative approach” that is “seemingly unique” statewide.
Botetourt County plans to supplement the FY21 property tax for all private property owners with a relief amount equating to more than 70% of the overall reassessment increase, essentially providing a one-time relief of $0.05 per $100 of property value. The county plans to do this by leveraging general fund savings.
County leaders said this is an “unprecedented” maneuver, so they’re involving a third party, Virginia Community Capital (VCC).
The budget also includes funding for a local small business assistance grant program. Businesses can apply for up to $5,000 worth of direct assistance with costs such as legal, accounting, marketing, e-commerce software, website development, technology hardware and/or lost inventory and sunk costs.
The budget includes a $2.7 million overall reduction in spending. Additionally, this new budget features savings from a FY20 freeze on hiring and discretionary spending, funds leveraged from repurposing county buildings, and efforts to extend the lifespan of standard school buses and sheriff vehicles by one year.
Leaders said they used a “road map” of sorts to identify financial priorities for this budget, and they include reducing expenses, assessing tax realities, providing relief and addressing needs.