FY2022 Real Estate Tax: Residents Lose, Businesses Win
County Manager proposes balancing the budget of the backs of residents.
No change in the tax rate of $1.013 is proposed. Increased revenue is achieved by manipulating assessments. In addition the separate “stormwater tax” would increase from $0.013 to $0.017.
County Manager’s Proposed FY 2022 Budget Slide 2
Meanwhile, Alexandria’s proposed FY2022 budget cuts its real estate tax rate by two-cents, Alexandria’s fourth consecutive year with no increase. News Release
Property Values & Taxes Rise Significantly
Residential property values increased 5.6% overall. The assessed value of the average single-family property rose from $686,300 to $724,400. Approximately 90% of residential property owners will see their assessed value increase. The tax rate is also expected to increase. Assessments will be mailed to Arlington property owners beginning Jan 15. See Your Assessment Online News Release
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…
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.