ALBEMARLE COUNTY, Va. (WINA) — The Albemarle County Board of Supervisors has approved the officially advertised tax rates for Fiscal Year 2024.

They voted during Wednesday’s meeting to keep both personal property and real estate taxes at their current levels: 85.4 cents per $1000 of assessed real estate value and $3.42 per $100 assessed personal property value.

Once a tax rate is advertised, it cannot exceed that amount. The board has the option to decrease it, but Albemarle County Executive Jeff Richardson has recommended that the rates hold steady.

This will not keep higher tax bills at bay, however. Real estate assessments went up by 12 percent this year. That means the average homeowner will likely pay $400 more annually.