The Fairfax County Board of Supervisors are expected to advertise a number of proposed tax increases for FY2014 during its meeting Tuesday, kicking off the public hearing and community input process ahead of final approval in April.
The hit for Tysons residents is expected to be larger than usual this year, thanks to a newly-formed Tysons Tax District.
The district, which hikes property taxes on both residents and developers, will help fund billions of dollars in transportation infrastructure over the next 40 years, moving the area closer to becoming the county’s new urban downtown center.
See also: Fairfax Board Approves Tysons Tax District
A bill from Del. Mark Keam (D-35th) attempted to exempt residents from the taxes, but it was put off until the 2014 Virginia General Assembly Session.
At the moment, the proposed rate is $0.09 per $100 of assessed value, which could mean anywhere from $312 to $720 more per year for taxpayers, according to early estimates from the county.
Supervisors have debated the pros and cons of starting with a high, steady rate, versus a lower rate that increases each year.
The rate will first be examined by the tax district’s advisory committee, which the Board formed earlier this year to ensure that residents in the districts would be taxed appropriately. If the rate is approved, taxes would only be collected for one half of 2013, beginning in July.
That's not the only potential increase on the horizon.
In his preliminary FY2014 budget package, County Executive Ed Long also proposed hiking the real estate tax rate by 2 cents, from $1.075 per $100 of assessed value to $1.095. Such an increase is projected to raise the average Fairfax household’s taxes by about $262.
Combined, the two hikes will mean at least around $500 more per year for Tysons residents.
Tysons businesses are expected to get equally hit: Long has also proposed increasing the county’s commercial and industrial tax for transportation from $0.11 per $100 of assessed value to $0.125. The tax increase would affect on all commercial and industrial properties in the county, whose owners would have to pay it on top of the real estate tax.
According to the FY2014 budget plan, the commercial and industrial increase would produce a projected $6 million in additional revenue.
Have something to say about the proposed taxes?
The Tysons Tax District advisory committee is scheduled to meet again at 8 a.m. March 18 at the Fairfax County Visitors Center in Tysons Corner Center.
A hearing on the C&I tax is scheduled for April 9.
Residents can also give feedback in a number of public hearings at the Fairfax County Government Center:
- 6 p.m. April 9
- 3 p.m. April 10
- 3 p.m. April 11