Roanoke officials held a public hearing Aug. 26 to discuss increasing the property tax rate for fiscal year 2025-26 to fund new city staff positions and Capital Improvement Projects.
What you need to know: City officials are proposing increasing the property tax rate by $0.018 for a total of $0.326182 per $100 valuation, Director of Finance Kyle Lester said.
If the tax increase is approved by City Council, the average property owner would pay $134 more annually than last year based on the average home price of $570,000 and the taxable value of $426,000, he said.
Diving deeper: If the tax increase is approved by City Council, $465,000 of the $936,655 revenue increase will go toward debt funds related to construction of a parking garage on US 377 and Main Street, Lester said.
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