The Reality of Realty: Virginia Beach
City Council is in a tough spot.
Mere months ago they complained that
with so many pressing needs, they
just couldn’t spare but a few
pennies of tax relief. Now they’re
debating what to do with a $20 million
surplus, and just a few council members
are toying with the idea of actually
returning it to those who paid it.
What complicates matters is that
assessments are still on the upswing.
Only a rhetorical gymnast could tell
taxpayers that they must pay more
next year while sitting on millions
of dollars of extra money this year,
and an even bigger surplus already
planned for 2008. But I have confidence
that City Council will try. The reality
is that real estate taxes are the
backbone of city government, and
with two years until Election Day,
there may be the inclination to take
the money while they can. Better
grab your wallets!
