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Virginia Beach, Va., to Lower Real-Estate-Tax Rate.

By Jason Skog, The Virginian-Pilot, Norfolk, Va. Knight Ridder/Tribune Business News

May 7--VIRGINIA BEACH, Va. -- For the first time in 23 years, the City Council has decided to roll back the real-estate-tax rate.

A solid majority of the 11 council members agreed Thursday to lower the rate by 2.36 cents. That will shave $47.20 off the annual tax bill for a $200,000 home; $35.40 a year on a $150,000 home.

The decision was reached after more than two hours of debate at a workshop where the council strived to reach a consensus before Tuesday's f

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