ALBEMARLE COUNTY, Va. (CBS19 NEWS) -- The Albemarle County Board of Supervisors officially advertised the tax rates for Fiscal Year 2024 on Wednesday afternoon.

The supervisors voted to keep personal property and real estate tax rates at the same rate as last year.

Once a tax rate is advertised, the supervisors cannot exceed the advertised amount. That means they cannot increase the tax rate, though they may opt to decrease it.

The personal property tax rate is advertised as $3.42 per $100 of value.

For real estate, it's 85 centers per $100 of assessed value.

However, property value assessments went up by more than 12 percent this year, so the average homeowner will likely pay $400 more a year.

Supervisor Ann Mallek said the county needs the money to cover all constituent priorities.

"This is needed and I will continue in my brain to remember all the things we did not do 10 years ago that we're still catching up for. And unfortunately, that's an awful situation to be in and having to catch up in $100 million worth of capital programs," she said.

Each penny of the tax rate is worth $2.7 million in revenue for the county. So every time the tax rate is changed by even one cent, the county's revenue stream will shift by $2.7 million.

The supervisors then voted to advertise the $551.4 million budget for FY 2024.

There are still a few more steps in the process, including several public hearings. The supervisors are expected to adopt a budget on May 3.

For more information on the process, click here.