The following guide provides summaries on the various revenues collected by the City and an explanation of the City's modified accrual accounting procedures. Click on any of the links in the Quick Guide to view information on any specific revenue type or explanation.
Real Property Taxes: Real property taxes are assessed as of January 1 and assessment notices are mailed to property owners in February. Real estate taxes are billed and payable in two installments. The first tax bill is mailed in May and is payable by June 15. The second tax bill is mailed in October and is payable by November 15.
Personal Property Taxes: Personal property tax revenue consists of two sources: individual personal property (primarily vehicles), and business personal property (includes motor vehicles, machinery, computers, and furniture). Taxes are assessed as of January 1. Tax bills are mailed to taxpayers in late August and are due on October 5. The State’s share of the local personal property tax payment for FY 2010 was capped at $23.6 million. In FY 2010, this amount will cover approximately 73 percent of most taxpayers’ bills. It covered approximately 69 percent of most taxpayers’ bills in FY 2009, which was the same rate that was provided in FY 2008.
Local Sales and Use Tax: Businesses remit sales tax to the Commonwealth within 30 days of the end of the month in which sales occurred. The Commonwealth wires the City’s portion of the sales tax approximately one month later.
Communications Sales and Use Taxes: Businesses remit the communications tax to the Commonwealth within 30 days of the end of the month in which the service occurred. The Commonwealth wires the City’s portion of the communication tax one month later.
Business License Taxes: The City’s business license tax is due March 1, 2010. These collections are counted and analyzed in March. Most collections prior to March represent collections from taxpayers who pay on a quarterly basis.
Tobacco Taxes: Businesses remit cigarette tax revenue to the Northern Virginia Cigarette Tax Board. This revenue is then forwarded to the City approximately 30 days after the end of the month in which the sales occurred.
Revenue from the Commonwealth: Includes Compensation Board reimbursements for public safety and finance functions, payment made to jurisdictions with Police Departments (H.B. 599), and aid for road maintenance.