Though the Franklin County Board of Supervisors gave its approval to advertise a tax increase for a public hearing, members are still apprehensive to raise the rates. The board is considering two scenarios to generate an additional $1.28 million in county revenue: either a two-cent increase to the real estate tax rate or a one-cent increase to the real estate tax rate coupled with a 12-cent increase to the personal property tax rate. Currently, the county’s real estate tax rate is 55 cents per $100 of assessed value, among the lowest in the region. The personal property tax rate is $2.36 per $100 of assessed value.
Danville City Council is proposing a five cent increase in the real estate tax rate. The advertised rate on real estate tax is 80 cents on the dollar. That’s up 5 cents from the previous rate. City Council must still give final approval to the proposal. The 80 cent rate would still mean the city has one of the lowest tax rates in Virginia. Danville’s real estate tax is now the second lowest in the state.