Fairfax County residents could be paying an average of $520 more per year on real estate taxes starting with the Fiscal Year 2024 budget.
The real estate tax rate itself will remain stable at $1.11 per $100 of assessed valuation, but the increase is due to a 6.97% residential equalization rate (the market-driven property value changes).
Fairfax County Bryan Hill presented the FY2024 budget earlier this week to the County Board of Supervisors, citing inflation and the slow recovery of the commercial real estate market as factors that affected the budget decisions. "Hill told the Board of Supervisors that the budget is focused on stabilizing the county’s “core” – employees and existing programs," according to Fairfax County officials.
Commercial real estate, particularly office buildings tall enough for elevators, had a negative equalization, meaning less money is coming in from commercial real estate property taxes.
Residential real estate, however, increased again. Residential real estate assessments are up an average of 6.97%, and the average assessment was $719,522. This is an increase of more than $46,000. (In 2022, the countywide average home assessment was $672,639.)
Hill also proposed increased funding for Fairfax County Public Schools, including a 6.3% operating increase or $144.1 million over the FY 2023 Adopted Budget Plan. Employee compensation will increase. FCPS support accounts for more than half (52%) of the budget. FCPS has more than 181,000 students and is the 11th largest school district in the United States.
More information about the budget and how residents can provide feedback is available here.
