May 11, 2007

Chesapeake - City Council voted this week on a $0.05 per $100 reduction in the real estate tax rate.  The new rate is $1.04 per $100.

Norfolk - City Council voted this week to reduce the real estate tax rate by $0.16 per $100 to $1.11 per $100.  This results in the majority of Norfolk homeowners having either a flat or decreased real estate tax bill.

Portsmouth - City Council passed a $231 million budget this week that includes a $0.10 reduction in the real estate tax rate, which will now be $1.26 per $100 of value.  The Council also raised utility rates by $7.90 per month.

Transportation - This week the City Councils of Norfolk, Virginia Beach, Newport News and Williamsburg voted in favor of allowing the Hampton Roads Transportation Authority to levy a variety of tax and fee increases to fund six transportation projects in Hampton Roads.  According to legislation passed by the General Assembly, 7 of the 12 affected local governing bodies representing 51% of the population of Hampton Roads must vote to allow the Authority to assess the taxes and fees.  Together, the four Councils who voted in favor of the Authority represent more than 51% of the population of Hampton Roads.

Virginia Beach - City Council voted this week to endorse a $0.10 real estate tax rate reduction to $0.89 per $100 of value.

Ted WHeaton II

REMAX Allegiance

757-404-4978

www.SevenCityHomes.com

www.TedWheaton.sell4.com