Board Adopts Property Tax Rate of $1.13


Fairfax County Office of Public Affairs
12000 Government Center Parkway, Suite 551
Fairfax, VA 22035-0065
703-324-3187, TTY 703-324-2935, FAX 703-324-2010

May 24, 2004

 

Board Adopts Property Tax Rate of $1.13

At its regular meeting this morning, Monday, May 24, the Fairfax County Board of Supervisors approved the fiscal year 2005 property tax rate of $1.13 per $100 of assessed value. This rate had been provisionally adopted at the Board’s April 26 meeting because the Virginia General Assembly had not at that point approved a budget. As a result of the General Assembly’s recent passage of a two-year budget for the commonwealth of Virginia, the Board of Supervisors took final action today to adopt the FY 2005 real property tax rate and complete the budget process for FY 2005.

This is the third consecutive year the real estate tax rate will be reduced and brings the cumulative decrease to 10 cents over the past three years. The $1.13 per $100 assessed value for fiscal year 2005 is also the lowest rate since fiscal year 1992.

With a real estate tax rate of $1.13 per $100 of assessed value, the typical household will pay $4,039.82, an increase of $313.46 annually or $26.12 per month more than the fiscal year 2004 bill. This is $107.25 less than the typical household would have paid had the Board not reduced the real estate tax rate by 3 cents. As a result of the cumulative 10-cent reduction in the tax rate, the typical household will pay $357.51 less in real estate taxes in fiscal year 2005 than they would have without tax relief of the last three years.

For more information, contact the Fairfax County Department of Management and Budget at 703-324-2391, TTY 711 and on the county’s Web site at www.fairfaxcounty.gov/dmb.


 

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