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March 6th, 2007, 10:13 AM
#9
Inactive Member
Re: Total cost estimate.....
This is the meat of the problem with coal severance tax
[ QUOTE ]
The funds from this additional levy are paid into the general fund of the localities except in the counties of Buchanan, Dickenson, Lee, Russell, Scott, Tazewell, and Wise and the City of Norton, where one-half of the revenues must be paid to the Virginia Coalfield Economic Development Fund.
[/ QUOTE ]
This would mean that Wise would have to drop out of the Coalfield Economic Development or the Pound/Appy area would have to become citys (Not sure what has to be done for that to happen) I guess a 3rd option would be to split the county into 2 or 3 new counties but I think that would require an act but the Virginia general assembly and I do not see them doing that.
So it comes down to Property Taxes currently Wise Co pays around 41 cents per $100 I was told by some that SHOULD know that the $109 Million proposal would bump that amount up to around 91 cents that means that a retired person with no extra income would go from paying $205 a year on there $50,000 peace of property up to $450 a year. Not how many of those folks are going to look at anything other than dollars and cents
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