Proposed County Budget Slashed
Arlington expects a $56M drop in revenue due to the COVID-19 pandemic. Arlington Public Schools expect a $21.6M drop.
The revised FY 2021 proposed budget maintains only current levels of service, removes all salary increases, places many projects on hold,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.
Free Tax Preparation Services
When: Jan 31-April 15
Where: Various locations (click button below)
The Department of Human Services has partnered with tax experts who will prepare your taxes for free.
On certain days of the week, people with low or moderate incomes can visit local tax clinics for free tax preparation services sponsored by the Department of Human Services, AARP Foundation, and Community Tax Aid, Inc.
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
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.