IW tax hike proposed Isle of Wight residents could face a 12-cent tax increase to cover a $7.9 million budget deficit for the upcoming fiscal year. Isle of Wight County Administrator Anne Seward is proposing the increase, with 10 cents going to cover part of the county’s shortfall and 2 cents for the schools. The remainder of the shortfall — $3.2 million — will be made up by pulling from reserves to cover the water reservation fee associated with the Norfolk water deal. The proposed tax increase follows an 8-cent hike last year to the real estate tax rate. Seward outlined her three-year plan to get the county finances back in the black Thursday to the Board of Supervisors. Seward also proposes giving the schools an additional local contribution of $618,000, as well as let it keep the difference in the composite index for a total of $768,000. For the complete story, pick up the April 9 issue of The Smithfield Times. ow.ly/voSMM
Posted on: Thu, 03 Apr 2014 18:43:40 +0000
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