WEST POINT – West Point Town Council voted this week to adopt its fiscal year (FY) 2015 budget, returning to its FY13 tax rates.
With the return of the split-levy tax system with King William County, that will mean town tax bills will go up.
Council approved the town’s $14.17 million FY15 budget Tuesday, April 29. The budget includes a real estate tax rate of 64 cents per $100 for real estate, $3.52 for personal property, and $2.40 for machinery and tools. The owner of a house assessed at $150,000 would pay $960 in real estate taxes a year to the town in FY15, or $555 more than in FY14.
Tax bills are going up in FY15 because under the current fiscal year the town and the county share a unified tax rate, meaning town residents are currently paying less taxes to West Point and more to King William. The town received over $3 million from the county under the unified system, which was applied to the operation of West Point’s schools.
Under the split-levy, the county is no longer obligated to appropriate those funds, Edwards explained, and town residents will revert back to paying taxes to the town to support the school system.
The budget, which passed 6-0 with Council member Tina Gulley absent, includes:
• $266,000 in Capital Improvement projects (CIP)
• Two percent raise for employees
• $185,000 increase in local funding for the schools for a total of $4 million
The town’s revenue from local taxes and fees is proposed to increase by $22,508 in FY15, however, the total general fund and CIP revenues and expenses are expected to drop.
The West Point School Board approved its FY15 budget totaling $9.58 million on March 18. The budget is $669,592 or 7.51 percent more than FY14.
The King William Board of Supervisors adopted its FY15 budget Monday, April 28. Town taxpayers will pay a 38-cent per $100 assessed value real estate tax rate to the county, $1.65 per $100 in personal property, and $1 per $100 in machinery and tools taxes.
Staff writer Amy Jo Martin contributed to this article.
Hubbard can be reached by phone at 804-885-0042