Taxes

Governor Glenn Youngkin today praised delegates in the House Finance Committee for their important procedural vote to move his gas tax proposal to the House Appropriations Committee, following testimony from everyday Virginians about the impact of rising prices on their budgets. 

“Today’s vote was an important step in moving our proposal to lower gas prices for Virginians feeling pain at the pump for too long,” said Governor Youngkin. We know there’s plenty of money available to bring some relief to Virginians now as we head into these busy summer months.” 

On April 12, the Fairfax County Board of Supervisors will hear comments from the public regarding the FY 2023 Advertised Budget. As Supervisor Pat Herrity (R-Springfield) has warned, the board’s advertised budget would result in 9.5 percent increase in taxes incurred by the average homeowner.

Fairfax GOP Vice Chairwoman Srilekha Palle will address the county board April 12, urging them to hold the line on real estate taxes. “I need you all to understand that the highest increases are on the lower-value properties—townhomes, primarily—the people who can least afford it,” Palle intends to remind supervisors.

Governor Glenn Youngkin signed HB1239, sponsored by Delegate Phillip A. Scott, into law, empowering localities to cut car tax rates and prevent huge tax hikes driven by driven by dramatic increases in used vehicle values.  

“With prices soaring on the necessities that families and individuals use every day, Virginians are in dire need of relief to their wallets,” Governor Youngkin said.

If you live in Fairfax County and are over 50, you may have received from the county a five-page 120-question survey to “…inform the county’s … Future Aging Plan.” Here’s the Fairfax County Taxpayers Alliance Future Aging Plan: stop taxing us out of our homes.

For 20 years, county supervisors have been increasing real estate taxes three times faster than household income. Real estate taxes are the supervisors’ “Unaffordable Housing Program.”

At the February 22nd Board meeting, the County Executive presented the FY 2023 Advertised Budget which includes a 9.5 percent increase in taxes paid by the average homeowner – with many across the County seeing increases much higher.

If approved as is, it will be the most significant tax increase since 2006 when Gerry Connolly was Chairman during the period when real estate taxes on the average homeowner doubled from $2407.27 in 2000 to $4830.42 in 2008. This increase comes despite the advertised budget holding the tax rate flat at $1.14 per $100 of assessed value due to higher assessments.

“Virginia Gov. Glenn Youngkin (R) trumpeted a plan Thursday to eliminate the state’s grocery tax at an appearance inside an Alexandria supermarket, promising to counter inflation by slashing what he called a ‘regressive’ policy. ‘Today is about tackling the high costs in Virginia — the high costs I believe are unnecessarily borne by those that can afford it the least,’ he said, speaking to a roundtable of Northern Virginia residents as they snacked on ham sandwiches and fruit,” The Washington Post reported.

Virginia Gov.-elect Glenn Youngkin announced his new finance secretary and vowed his team will promote lower taxes and greater fiscal responsibility in Richmond.

The governor-elect’s incoming finance secretary will be Stephen Emery Cummings, the former president and CEO of Mitsubishi UFJ Financial Group.

“Lowering taxes and restoring fiscal responsibility in Richmond is a primary focus of our Day One Game Plan, and Steve’s experience and expertise will help make sure we deliver real results for Virginians,” Youngkin said.

Governor-elect Glenn Youngkin has proposed several savings for Virginians, including doubling the standard deduction, a one-time tax rebate, eliminating the grocery tax, and suspending the 10-cent increase in the gas tax. His proposals come at a time when Virginia has a record $2.6 billion budget surplus.