While many Fairfax County homeowners are bracing for jumps in their real estate tax assessments, the overall property tax burden on commercial and industrial property owners is projected to drop.
With the market upended by the pandemic, telecommuting, and other factors, the county’s property tax revenue for commercial and industrial properties will decrease by $8 million for fiscal year 2023, which starts July 1.
On average, Fairfax County residential property owners will see a bigger hike in their tax bills this year than at any other point in the 21st century.
Based on a real estate tax rate three cents lower than what was originally advertised, the average increase of $465 will come once the Board of Supervisors officially adopts a budget on May 10 for fiscal year 2023, which starts July 1.
Property tax bills are poised to go up — but somewhat less than initially expected.
The Fairfax County Board of Supervisors’ budget policy committee discussed a plan on Friday (April 22) to set the property tax rate at $1.11 per $100 of assessed property value, a 3-cent decrease from the current rate.
Karen Johnson commutes two hours each way to get to work in Fair Oaks, leaving at 5 a.m. from her home in Fredericksburg.
Johnson, a child care center teacher, has tried to live in Fairfax County but can’t afford it, she said on April 12 at a budget hearing with fellow union members. She called on the Board of Supervisors to fund proposed raises to the county’s 11,000-plus merit workers.
When Centreville resident Jim Church received his property assessment, he saw a 14.5% increase, which he calculated would amount to $1,100.
Other residents shared similar concerns yesterday (Tuesday) at the first of three scheduled public hearings on Fairfax County’s proposed budget for fiscal year 2023, which starts July 1.
Fairfax County has secured all the funding it needs to design a future widening of Route 7 from Route 123 to I-495 in Tysons.
The Tysons Transportation Service District Advisory Board approved allocating up to $7.8 million from the district’s tax revenues to the Route 7 project last month, a move recommended by Fairfax County Department of Transportation staff.
As gas prices continue to cost drivers more at the pump, Virginia is looking for possible relief, such as suspending the state’s gas tax.
The average price of gas in Fairfax County is currently around $4.33 per gallon, the only jurisdiction in the Commonwealth averaging over $4.30 at this point, according to AAA.
With property tax assessments skyrocketing, Virginia lawmakers passed a bill this year to change how data centers are valued, which could influence how quickly a local tax district can repay debt for projects that widened Route 28.
The Route 28 Highway Transportation Improvement District’s Fairfax County portion consists of over 1,000 parcels south of the Dulles Toll Road. New assessments for commercial and industrial properties in that area are relatively in line with increases seen in previous years.
Fairfax County officials are looking at ways to avoid drastic jumps in tax bills for vehicle owners.
The Board of Supervisors’ Budget Committee discussed options for providing relief on the county’s annual personal property tax with county staff on Tuesday (March 15). Assessment values on vehicles have spiked, leading to a potential increase from $229 to $415 for the average bill.
A property tax paid by businesses in the Silver Line Phase 2 corridor has been helping to fund the infrastructure upgrades, even as delays have repeatedly stalled the Metrorail expansion.
The special tax has been 20 cents per $100 of assessed property value for nearly a decade and applies to commercial and industrial real estate. It can be used to pay up to $330 million of Fairfax County’s $527.3 million obligation for the project, which will extend the Silver Line from Reston to Ashburn.
