Property taxes are one of the drivers of housing costs in Norfolk, whether you own or you rent. Assessments have gone up for three consecutive years and I support the recent reductions to the property tax rate. I will make sure we seriously consider further reductions in future budget sessions. Although it’s too soon to say when it will be appropriate to reduce the rate further, I am committed to making it a part of the conversation and making fiscally responsible budget decisions that position us to provide excellent city services to taxpayers without continuing to increase the budget.
A competitive tax rate is essential for attracting and retaining both businesses and residents. When both can move just a mile, staying in the region, and get a significantly lower tax bill, Norfolk will slowly lose people and employers to other cities. However, Norfolk faces substantial obligations in the years ahead for the floodwall project and stormwater infrastructure enhancements. Cutting our tax rate too much and too quickly could lead Norfolk to take on substantially more debt while pinching budgets for school repair and basic city services. The key to ensuring we keep taxes competitive while maintaining our fiscal stability, is to expand our tax base by allowing incremental development, making good deals with good partners on large development projects, and making sure Norfolk delivers excellent city services.
