LYNCHBURG, Va. – Lynchburg residents have the chance to attend a public hearing on March 30 and express their thoughts over the city’s budget. One major item is a possible increase in real estate taxes.
“As a retired person, on a fixed income, on social security; it is a matter of concern,” said Michael Preston, a 68-year-old resident.
He, like most Lynchburg residents, saw an increase in the latest property assessment.
Preston said his valuation went up 16%, and he’s already paying about $1,100 a year.
“I’ve found [Lynchburg] to be a comfortable and interesting community with a lot of history, so just hope it can stay affordable for a person in my situation,” said Preston.
This comes as the city council considers raising real estate taxes because Lynchburg’s total assessment went up to $428 million.
“In order to equalize that tax rate, we would go from $1.11 to $1.03, and that would cause a significant reduction in revenues,” said Reid Wodicka, interim city manager.
Wodicka says the council doesn’t have too many other options to cover costs.
“We’ve had the same tax rate for a number of years, and obviously the valuation of the real estate in the city has increased like you would hope it would.”
But Council Member Jeff Helgeson believes now is not the time due to the pandemic.
“For the city government to now come in and say, ‘okay, we’re going to add an extra burden, another $4.2 million of tax increase on these citizens and businesses? That is wrong,” said Helgeson.
Residents like Preston hope they can still afford the Hill City.
“I’m very comfortable in my funky, little house; and I would like to be able to stay there,” said Preston.
Citizens can voice their thoughts at the March 30 meeting, which begins at 7 p.m.