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The original item was published from 5/26/2022 3:09:44 PM to 6/16/2022 12:00:04 AM.

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Petersburg News

Posted on: May 26, 2022

[ARCHIVED] City of Petersburg Reduces Real Property Tax Rate

Real Property Tax Decrease 640 WML_0393 copy

Petersburg City Council has unanimously approved a reduction in the real property (real estate) tax rate for the upcoming fiscal year beginning on July 1, 2022. This is the first reduction of the real property tax rate since 2006. 

 

“Good fiscal management, conservative spending, an A+ bond rating, and a 13% increase in the value of real estate in Petersburg this year gave City Council the opportunity to lower the real property tax rate,” said Mayor Sam Parham. “This reduction is a strong signal that Petersburg is financially sound and growing.”

 

The current rate of $1.35 per $100 of assessed value will be lowered to $1.27 per $100 of assessed value. This reduction represents a $3.5 million dollar decrease in tax revenue to the City.   

 

Real property tax rate changes for the past 20+ years include:

  • 1995 - $1.43 per $100 of assessed value
  • 2000 - $1.41 per $100 of assessed value
  • 2004 - $1.38 per $100 of assessed value
  • 2006 - $1.35 per $100 of assessed value

 

The $1.27 rate will be reflected on the September 2022 real property tax bills. Upcoming due dates for real property taxes are:

  • September 30, 2022
  • December 31, 2022
  • March 31, 2023
  • June 30, 2023  

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