
The Town of Abingdon proposes to increase property tax levies.
1. Assessment Increase: Total assessed value of real property, excluding additional
assessments due to new construction or improvements to property, exceeds last year’s total
assessed value of real property by forty-seven (47%) percent.
2. 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 with the exclusions mentioned above, would be $0.19 per $100
of assessed value. This rate will be known as the “lowered tax rate.”
3. Effective Rate Increase: The Town of Abingdon proposes adopting a tax rate of $0.23 per
$100 of assessed value. The difference between the lowered tax rate and the proposed rate
would be $0.04 per $100 or twenty (20%) percent. This difference will be known as the
“effective tax rate increase.”
Individual property taxes may, however, increase at a percentage greater than or
less than the above percentage.
4. Proposed Total Budget Increase: Based on the proposed real property tax rate and changes
in other revenues, the total budget of the Town of Abingdon will exceed last year’s by
sixteen (16%) percent more than last year’s budget.
A public hearing on the increase will be held on Monday, April 7, 2025, at 6:30 p.m. in the
Council Chambers at the Municipal Building, 133 West Main Street, Abingdon, Virginia.
– Mike Cochran, Town Manager