You asked: Franklin, Southampton rates among highest, lowest

Published 11:29 am Saturday, March 17, 2012

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You asked: How do real estate and personal property tax rates for Franklin and Southampton County compare to other Hampton Roads localities?

FRANKLIN—Southampton County charges $5 in personal property taxes for every $100 of assessed value, which is tied with Portsmouth and Emporia for the highest for area localities.

The county taxes vehicles, motor homes, trailers, boats, recreational vehicles, planes, tow trucks and mobile homes.

Sussex County charges $4.85 for every $100 of assessed value, Franklin and Greensville County $4.50, Isle of Wight County $4.40 Norfolk $4.33, Chesapeake $4.08, Suffolk, Newport News and Hampton $4.25 each, Surry County $4, Virginia Beach $3.70 and Williamsburg $3.50.

Franklin and Southampton counties’ real estate tax rates are 77 cents per $100 of assessed value. That means the owner of a home valued at $200,000 pays $1,540 annually in real estate taxes.

Norfolk has the highest real estate tax rate in the region at $1.11, followed by Newport News at $1.10, Chesapeake $1.05, Hampton $1.04, Suffolk 97 cents, Virginia Beach 89 cents, Emporia 81 cents, Williamsburg 77 cents, Surry County 73 cents, Isle of Wight County 65 cents, Sussex County 54 cents and Greensville County 45 cents.

Southampton County is looking at a preliminary $2.1 million deficit for its 2012-13 budget, said Administrator Mike Johnson, who doesn’t expect a tax increase.

“We’re looking at any way we can save money,” he said.

Franklin City Manager Randy Martin said it’s too early to say if the city will face a budget deficit. A real estate reassessment due in a few weeks will have a significant impact on revenue since he expects property values to drop.

“Values are going to be down,” Martin said. “In order to remain revenue neutral, you will have to raise rates.”

A rate increase wouldn’t affect the majority of homeowners because the amount paid would remain the same.