Operating Budget 2025-2026

DESCRIPTION OF GENERAL FUND REVENUES

The following is a brief description of the majority of General Fund revenue categories administered by the Town of Blacksburg.

REAL ESTATE TAXES Real Estate Tax - Current:

Tax imposed on the assessed value of real estate appraised at 100 percent of fair market value. The 2026 tax rate is 26 cents per $100.00 valuation. Public Service Corporations are taxed at the same tax rate. The Town established the Midtown Special Service District whereby real estate tax levied within this district will be an additional 20 cents per $100.00 valuation.

Real Estate Tax – Delinquent:

Semi-annual real estate taxes that have not been paid by the June 27 and the December 5 due dates. The penalty for delinquent taxes is $10.00 or 10 percent of the taxes due, whichever is greater, but not to exceed the amount of the tax. In addition, administrative costs associated with legal steps taken to collect taxes are imposed: $30.00 if collected subsequent to filing a warrant, but prior to judgment; $35.00 if collected subsequent to judgment. Interest-All Property Taxes: For the first year of the delinquency, 10 percent interest is charged

on delinquent taxes after January 1 and July 1 of the previous June 27 and December 5 due dates. After the first year, interest is calculated based on the published Internal Revenue Service Code interest rate of the most recent quarter. A real estate exemption for qualified property owners who are permanently and totally disabled or over 65 years of age with income less than $70,000 and a net worth less than $205,000. A similar exemption also applies to fees charged for refuse collection and the fixed charge for billing of water and sewer utility service. For these latter two programs, no property ownership is required for eligibility. The Commonwealth returns one percent of the State sales tax collected in Montgomery County back to Montgomery County. From this one percent, the County receives an automatic 50 percent and the remaining 50 percent is distributed, using school age population in the incorporated towns and in the surrounding county where the parent/guardian resides as the basis for distribution. There are three localities sharing in the one-half of one percent: Blacksburg, Christiansburg and Montgomery County.

Tax Relief for Disabled/Elderly:

OTHER LOCAL TAXES Local Sales and Use Tax:

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