Purcellville lowers tax rate for fiscal 2015
The council approved a tax rate of 21 cents per $100 of assessed property value for fiscal 2014-2015, lower than the current 22.5 cent rate and below the equalized tax rate. The dip below the equalized rate means most Purcellville homeowners will see a tax cut this year. The measure passed in a 6-1 vote, with council member Patrick McConville as the lone dissenter.
Water and sewer rates were each reduced 3 percent, also in a 6-1 vote with Jim Wiley voting against the measure.
“Our conservative fiscal policies combined with a strong business community has allowed the Town Council to either cut or equalize Town property taxes seven out of the last eight years,” said Mayor Bob Lazaro in a released statement. “Our AAA bond rating saves taxpayers more than $2 million over the next five years and is the foundation upon which we are reducing water and sewer rates.”
Purcellville received a AAA credit rating Oct. 8 from Standard and Poor, one day before the town's public bond sale that locked in $2 million and savings and freed up $9.5 million in cash flow in utility funds. Purcellville is the only municipality under 15,000 in Virginia to earn a AAA rating.