CHARLESTON, W.Va. -- Property tax rates are going down in Charleston following the annual "laying of the levy" special meeting of City Council Tuesday. That sounds like good news.
Web Dateline:CHARLESTON, W.Va. -- Property tax rates are going down in Charleston following Tuesday's annual "laying of the levy" special meeting of the City Council.
That sounds like good news. However, as many homeowners have or will learn, their tax bill might be going up because of recent reappraisals by the Kanawha County Assessor's Office.
The two figures -- tax rate and assessed value -- work hand-in-hand in figuring how much taxpayers owe, and how much the city collects in property tax revenues each year.
Even with the lower tax rate, Charleston expects to collect $513,744 more in property taxes during the fiscal year that starts July 1 than in the current year, city Finance Director Joe Estep said.
There are actually two parts to property tax rates: the regular levy and the excess levy. The excess levy is set once every four years through a special election -- most recently, last spring -- and then remains unchanged until the next special election.
On the other hand, the City Council can change the regular levy rate every year, within limits.
"Typically, you leave it as it is or raise it," Estep said.