Yesterday, the Fairfax County Board of Supervisors approved the Fiscal Year 2015 budget to include an increase of a half cent in the real estate property tax rate. This goes into effect July 1, 2014.
What does this mean for you and what will the new tax rate be?
- Current Rate: $1.085 per $100 of assessed value
- New Rate: $1.090 per $100 of assessed value
Here’s the calculation:
Your Assessed Value – Divided by $100 – Multiplied By $1.09 = Your Property Tax
So, if your home was valued at $700,000 last year, then you paid $7,595 in property tax. If your assessed value stayed the same this year, your new tax would be $7,630. (A small increase. However, 88% of homes in Fairfax County were 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. But the average sales price in Fairfax County rose more than 7% last year. Assessed values will likely continue to follow suit.
Click here to find out the Fairfax County assessed value of your home.
Call The Belt Team at (703) 242-3975. We’re happy to assist will ALL of your real estate needs!