Kilmarnock Property Values Up But Taxes Hold Steady

Despite a significant rise in property values, Kilmarnock property owners can expect minimal changes to their real estate tax bills. Town manager Susan Cockrell says that while assessments soared by 36.66%, the tax rate has been adjusted to balance that increase. For instance, a home valued at $200,000 last year faced a tax of $193.40, but under the new rate, it will now pay $191.92. Overall, the town anticipates only a modest increase in real estate tax revenue for the upcoming fiscal year, part of the proposed $17.5 Million budget effective July 1. A public hearing on the changes is scheduled for Monday, June 17 at Town Hall.