Property Tax Rates Poised To Go Up. Is The Sales Tax Next?
February 26th, 2024
Fairfax County residents are bracing for a double-whammy to their property tax bills with a proposed increase to the real estate property tax rate along with rising home valuations.
Some of the key points presented to the Fairfax County Board of Supervisors in County Executive Bryan Hill’s proposed budget include:
Revenue projections based on Real Estate Tax Rate of $1.135 per $100 assessed value, an increase of $0.04;
Includes additional revenue based on a review of user fees and taxes;
Funds an increase of $165 million, or 6.8% in the School Operating Transfer;
Funds compensation for County employees, including performance/merit/longevity increases, a 2.0% market rate adjustment, and benchmark adjustments;
Includes reductions of $36 million and 84 positions primarily recognizing saving efficiencies identified by agencies;
Provides for other limited, targeted investments including 42 new positions to address various needs across the County including the impacts of inflation and support for Board priorities including affordable housing and environmental initiatives; and,
Leaves balance of $3.83 million for Board’s consideration.
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