County Adopts Austerity Budget
The Arlington County Board adopted a $1.3 billion balanced General Fund Budget for FY 2021 that reflects the novel coronavirus’s impact on County revenues. The budget reflects an estimated loss of $56 million in FY 2021 revenue: a reduction of $34 million for County government and $22 million for Arlington Public Schools.
The new budget could not legally increase the previously advertised tax rate, but property tax will still increase for the average homeowner due to rising property values.Click to Continue Reading…
2020 Proposed Real Property Tax Rate
A public hearing on the proposed tax rate will be held on April 2, 2020, at 7:00 p.m. or as soon thereafter as possible in Room 307, 2100 Clarendon Blvd., Arlington, VA. after the hearing is held on April 2, 2020, the County Board may adopt a tax rate lower than $1.013 per $100 of assessed value, but it cannot adopt higher rate. Public Notice
The tax rate which would levy the same amount of real estate tax as last year, when multiplied by the new total assessed value of real estate, would be $0.976 per $100 of assessed value.
Source: APS 2021 Budget Presentation Slides
The average home value for LV detached homes will increase about 6% (vs. 4.3% county wide). This is about triple the current rise in the CPI. About 85 percent of county residential property owners will see their assessed value go up.
Assessments were mailed to Arlington property owners on Jan 17 or can be viewed online.
The majority of County revenues come from the real estate tax (57% in 2019).
Skyrocketing Property Tax?
Arlington County has one of the highest median property taxes in the United States, ranked 40th of the 3143 counties in the USA. Arlington collects, on average, 0.8% of a property’s assessed fair market value, which amounts to about 3.6% of average resident’s yearly income.
Home Values are expected to increase significantly. Average Arlington sold price went up by 12.35% between Sept 2018 ($628,412.) and Sept 2019 ($705,997)
Source: Bright MLS
Key periods for citizen input:
November-December 2019: Provide online input to the County Manager as he begins developing his Proposed FY 2021 Budget to send to the County Board in February.
Provide Your Early Input on the FY 2021 Budget
January-February 2020: Provide input as the County Manager develops the Proposed FY 2021-2030 CIP to send to the County Board in May.
February-April 2020: Provide feedback to the County Board about the proposed budget.
May-July 2020: Provide feedback to the County Board about the proposed CIP.
Arlington real estate assessments are expected to rise by as much as 4% beginning in January which means property taxes could rise by 4% even without an increase in the tax rate.
Keep up with the latest budget and CIP news and information and opportunities to participate in the budget process at budget.arlingtonva.us.
Arlington Houses Continue To Get More Expensive
Long & Foster‘s September market snapshot shows 193 sales in Arlington (down 13% from last Fall) and 268 homes on the market (down 52% from last Fall). The median September price was $590,000 (15% more than last Fall).
Click for story at WTOP
A forewarning of steep County Property Tax assessments and tax increases if rates remain constant or increase.