On March 15, the Alexandria City Council voted unanimously that it will consider a 2016 calendar year real estate tax rate of up to $1.073 per $100 of assessed value, and that it will not consider any increase in the rate for the personal property tax on vehicles or the rate for the tax on business tangible property.
If City Council were to adopt a new real estate tax rate of $1.073 per $100 of assessed value, or a three-cent increase over the current rate of $1.043, the average residential tax bill would increase by $275 per year, or 5.2% percent, when compared to 2015. Even if a three-cent increase is eventually adopted, Alexandria would still have the second-lowest overall real estate tax rate among major Northern Virginia jurisdictions.
A possible real estate tax rate increase gives City Council flexibility to make operating and capital investment budget amendments prior to adopting the Fiscal Year (FY) 2017 budget. No decision has been made yet on what the adopted rate will be. A public hearing on the ordinance establishing the real property tax rate will be held on Saturday, April 16, at 9:30 a.m., in City Council Chambers, City Hall, 301 King St. City Council will determine and vote on a final real property tax rate when it adopts the FY 2017 Operating Budget and Capital Improvement Program on May 5.
For more information about the FY 2017 budget process, visit www.alexandriava.gov/Budget.