The real estate tax rate in Roanoke City won’t go upward

Roanoke, Virginia – To reduce the real estate tax rate and the city’s budget for the upcoming 24–25 years, the Roanoke City Council convened a public hearing on Thursday night.

The tax rate as of right now is 1.22 per $100.

Given the rise in property assessment values, some locals are worried about the anticipated tax rate increase.

”According to the proposed fiscal year 2024 to 25 budget posted online, real estate values in Roanoke are up 9.3% from the previous year,” said Roanoke resident Libby Shiffer. “The City Council adopted zoning reform laws for the stated purpose that these reforms would provide more affordable housing. Now the council is proposing an increase in real estate taxes that will make housing costs higher. These two things seem to be working against each other.”

After the hearing, the City Council did clarify that there will be no increase in the tax rate itself.

”If the assessed value will increase by more than 1% or 1%, or more than the total real estate tax levy, then we must advertise it as an increase,“ said city attorney Tim Spencer.

On May 13, the City Council will cast a vote on adopting the city’s budget and raising the tax rate.