The tax rate is set annually by the Albemarle City Council. This rate is established at a level to provide all the general fund service of the City. These general fund services include things such as police, fire, parks and recreation, planning and zoning, financial management, street and right of way maintenance and engineering services. Other services such as water and sewer, electric and the operation of the City of Albemarle Landfill are not supported by property taxes, but rather operate on the revenues generated from these services. In essence, they operate as self-supporting businesses. When considering the establishment of the appropriate tax rate to become effective each July, the City reviews all of the upcoming fiscal year’s cost of providing services and ensures that a matching amount of revenues are available to cover these expenditures. The City Council and staff must make decisions concerning the feasibility of certain services and projects in order to adopt a balanced budget as required by law.
The property tax rate for the City of Albemarle has remainder fairly consistent since the early 1960’s. As you can see, the tax rate has been within the same range since this time. The fluctuation within this range is attributable to several factors, such as the date of the most recent revaluation, the economy and any significant changes in the services the City provides. We are very pleased to be able to have kept our property tax rate within the same range over this extended time frame. This consistency has allowed the amount of property taxes paid by citizens to remain constant as a percentage of the value of property.
We are very fortunate in Albemarle that the amount of property taxes paid by our residents has grown at a much slower rate than the cost of other goods and services in our society, yet we continue to be able provide a very high level of services.