Fairfax County residents could pay, on average, $524 more in real estate taxes in the upcoming budget year.
County officials this week let residents know that the local real estate market is "underperforming" and Fairfax County Public Schools (FCPS) has requested a "substantial funding increase." Those factors, combined with other financial pressures, have led Fairfax County Executive Bryan Hill to propose a 4-cent tax rate increase.
This would be the first real estate tax rate increase in Fairfax County six years, though many property owners have seen their total real estate tax bills go up due to rising value assessments.
The increase in the real estate tax rate would not fully fund the FCPS request, and whether it is needed will depend partially on how much funding state officials allocate for the Metro transportation system and FCPS.
"I am proposing only those adjustments which I feel are essential to maintain the quality workforce and dependable services upon which our residents rely," Hill said.
Residential real estate values increased by less than 3% last year, in part due to high mortgage rates slowing down the real estate market. In addition, commercial property values decreased, mostly due to office-elevator properties struggling to find tenants.
County officials also noted that Virginia's per-pupil spending is lower than the national average and they are encouraging Gov. Glenn Youngkin and Virginia Senate and House of Delegates officials to increase state funding for education. The proposed budget only includes a $165 million increase from last year for FCPS (which is less than the $254 million FCPS requested from the county budget).
An overview of the proposed budget is available here.
Residents can comment on the proposed budget online here through early April. The overview document also provides information on other ways to comment and get involved in the process before the budget is finalized in May. The new budget year starts July 1.
