Last week, the Fairfax County Board of Supervisors approved the Fiscal Year 2017 (Tax Year 2016) budget to include an increase of FOUR CENTS in the real estate property tax rate. This becomes effective July 1, 2016.
The last time the tax rate increased was in 2014 – from $1.085 per $100 of assessed value, to $1.09. That makes this year’s increase 8 times the last increase.
What does this mean for you and what will the new tax rate be?
- Current Rate: $1.09 per $100 of assessed value
- New Rate: $1.13 per $100 of assessed value
Here’s the calculation:
Your Assessed Value – Divided by $100 – Multiplied By $1.13 = Your Property Tax
So, if your home was valued at $800,000 last year, then you paid $8,720 in property tax. If your assessed value stayed the same this year, your new tax would be $9,040. (A small $320 increase. However, 55% of homes in Fairfax County were also assessed at higher values this year than last year. So the increase is larger than it looks.)
Note: Assessed values and market values are not always the same.
Click here to find out the Fairfax County assessed value of your home.
Click here for an INSTANT online estimate of your home’s market value. Then call Terry Belt or Kevin Kleifges & The Belt Team at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!