The Hanover County Board of Supervisors will hold a public hearing on the County Administrator’s proposed Fiscal Year 2024 Budget on April 5th. Among the items being considered is a proposal to declare a $4 million surplus in real property tax revenue, which would enable the Board to provide an equivalent tax abatement to real property owners.
If approved by the Board, this abatement would be applied to the June 5th bill of all real property owners who owe taxes. The billing statement will show the amount due based on the property assessment then show the abatement as a credit, lowering the property owner’s total tax liability up front.
Residents with mortgages on their properties will be mailed a notice that will contain the bill information sent to their mortgage company, with a line item showing the value of the tax abatement.
The value of the abatement equals $4 million, or two cents on the County’s real estate tax rate of 81 cents per $100 valuation.
This proposal has been developed at the Board’s direction by County Administration, the County Attorney’s Office, the Commissioner of the Revenue, the Treasurer and the Department of Finance and Management Services.
The Board’s April 5th public hearing on the County Administrator’s proposed budget for Fiscal Year 2024 will begin at 6 p.m. and will be held in the Board of Supervisors meeting room at Hanover Courthouse.
The Board is expected to adopt the budget on April 12th.