The Cape Charles Town Council has wrapped up most of the work on the 2022 budget. The consensus was reached, and the town council concluded that Cape Charles is in a marginal financial hole–the money reserves are almost depleted. Over the last ten years, town expenses have outstripped town revenues by 2% per year. Most of the blame falls on real property taxes which have remained flat over the last decade.
The FY22 budget proposal includes an increase to real property taxes of about $0.04 per $100 of assessed value.
Tourism will take on an added share of the burden. Council hopes to increase revenues there could make up 53% of this year’s operational deficit.
The proposal is to increase TOT from 3.7% to 4.0%, plus add a new flat fee of $1 per night per room for hotels/B&B’s, and $4 per night for residential rental units. The meals tax proposal is to go from 5% to 5.5%, with that extra revenue going to our capital program.
A public hearing for the budget will be held on June 17th at 6:30 PM.
Cape Charles Civic Center
500 Tazewell Ave
Cape Charles, VA 23310
Budget details are located here.