**NOTICE OF PUBLIC HEARING**

 PROPOSED REAL PROPERTY

TAX INCREASE

THE COUNTY OF FAUQUIER PROPOSES

TO INCREASE PROPERTY TAX LEVIES

Assessment Increase:

      Total assessed value of real property as a result of the reassessment effective January 1, 2002, excluding additional assessments due to new construction or improvements to property, is projected to exceed the Calendar Year 2001 total assessed value of real property by 24%.

Lowered Rate Necessary to Offset Increased Assessment:

The tax rate which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed value of real estate would be $0.87 per $100 of assessed value. This rate will be known as the “lowered tax rate”.

Effective Tax Increase:

The Fauquier County Administrator proposes that the Board of Supervisors adopt a tax rate for Calendar Year 2002 of $1.01 per $100 of assessed value.¹   For comparison the Calendar Year 2001 tax rate is $1.06.

The difference between the lowered rate and the proposed Calendar Year 2002 rate would be $0.14 per $100, or 13.9%.  This difference will be known as the “effective tax rate increase.”  Individual property taxes, however, may increase at a percentage greater than or less than the above percentage.

Proposed Total Budget Increase:

Based on the proposed real property tax rate and changes in other revenues, the total budget of Fauquier County will exceed last year’s budget by 20.2%.

A public hearing on the proposed increase will be held on March 18, 2002 at 7:30 p.m. in the Warren Green Meeting Room.

¹ The County Administrator’s recommended tax rate is $0.95 per $100 of assessed value for the General Fund and $0.06 per $100 for the Fire and Rescue Levy. The Board of Supervisors will set the Calendar Year 2002 tax rate during the FY 2003 budget process.

Fauquier County does not discriminate on the basis of handicapped status in admission or access to its programs and activities.  Accommodations will be made for handicapped persons upon prior request.