April 10, 2025 - 04:57
BRISTOL, Va. — The Bristol City Council has approved a new real estate tax rate for the fiscal year 2026, setting it at 93 cents per $100 of assessed value. This decision comes as a response to the rising property values in the area, aiming to alleviate some of the financial burden on homeowners and property investors.
The council's decision reflects a commitment to balancing the city's budget while ensuring that residents are not excessively taxed as property values continue to climb. The new rate represents a reduction from the previous rate, which was higher, allowing the city to maintain essential services without overburdening its citizens.
City officials have emphasized the importance of adjusting the tax rate to align with current market conditions. As property values rise, the council aims to provide relief while still generating necessary revenue for public services, infrastructure, and community development. Residents are encouraged to stay informed about the implications of this new rate and how it may affect their property taxes moving forward.
