Description:Achieving a blend of residential and commercial properties is important to sustaining vibrant communities, creating opportunities of business and supporting the county’s tax base. Increasing the commercial tax base while retaining high quality residential opportunities is an important goal of the Economic Strategic Success Plan.
Performance Measure: Commercial/Industrial Property Value as a Percentage of Real Estate Tax Base by Year – shows the assessed value of commercial and industrial property as a percentage of the total real estate tax base. The commercial and industrial percentage includes all non-residential properties except for multi-family apartments, which make up 6.76% of the county’s real estate tax base in FY19. Historically, the target has been for commercial and industrial property to be 25 percent of the total real estate tax base. This target was last met in FY01.
Data: See chart below.
Interpretation: Since this measure reports the share of commercial and industrial property relative to total real estate values, a change in percentage may be attributable to a change in either or both residential or commercial values and this measure should be viewed in conjunction with total assessed value. The Commercial/Industrial percentage of the county’s FY 2019 real estate tax base was 19.43%, an increase of 0.31 percentage points. The increase was primarily attributable to new office construction and slower residential growth.
Source: Fairfax County Department of Management and Budget. Please see the FY 2019 Adopted Budget Plan, General Fund Revenue Overview for additional information.