Countywide Dialogue on Transportation: Real Estate Tax
The Board has the authority to annually amend and adopt a new tax rate. The current real estate rate is $1.075 per $100 of assessed value. An increase of $0.01 would generate $20 million in revenues per a year.
- Tax on real estate in Fairfax County.
- $1.075 per $100 of assessed value.
- Variable, example: $0.01 per $100 of assessed value (increase from current rate of $1.075 to $1.085).
Potential Annual Revenue at Example Rate:
- $20 million per $0.01 increase
- Board of Supervisors has authority to annually amend and adopt a new tax rate.
- Could be bonded.
- Fairfax County real-estate owners.
Who Doesn't Pay?
- Those who do not own real estate in Fairfax County.
Effect on Household:
- For FY2013 Mean Home Value of $448,696, there would be a tax increase of $45 at a 1¢ rate increase.
- In FY2013, the commercial/industrial real estate tax base in the county is about 21%