Council Also to Consider Add-On Commercial Real Estate Tax Rate for Transportation
- Alexandria City Council authorized considering a maximum possible real estate tax increase of 2.2 cents, from 97.8 cents to no more than $1.00 per $100 of assessed value.
- City Council also authorized advertisement of an add-on real estate tax rate, on non-residential commercial and industrial property for transportation purposes, of 12.5 cents per $100 of assessed value.
Today, the Alexandria City Council authorized advertisement of the maximum possible real (residential and commercial) property tax rates it will consider for the 2011 calendar year. Based on Council’s actions, the base real estate tax rate could be raised by a maximum of 2.2 cents, from 97.8 cents to no more than $1.00 per $100 of assessed value.
City Council also authorized advertisement of the maximum possible add-on real estate tax rate, on non-residential commercial and industrial property for transportation purposes, of 12.5 cents per $100 of assessed value. The personal property tax rate on vehicles and business tangible property would remain unchanged.
City Council’s authorization of a potential change to the real property tax rate, if adopted at that rate, would result in the average residential tax bill increasing by up to $116 (or 2.7%) when compared to 2010 real estate tax rates. The City’s real estate tax rates would still be among the lowest in the Northern Virginia region, even if the maximum tax rate increase is approved.
City Council is required by law to provide advance notice of possible real estate tax increases. The tax rates will not be finalized until Council adopts the FY 2012 budget, and could be lower than the advertised maximums. The announcement of authorized maximum provides opportunities for individuals to contact Council with any concerns. The public is encouraged to provide input about the proposed budget online. The 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 Chamber, City Hall, 301 King St.
On February 8, Alexandria City Manager James K. Hartmann proposed a General Fund Operating Budget of $553.4 million for FY 2012 that reflected an increase of 4.1% from the previously approved FY 2011 budget.
The Operating Budget and Capital Improvement Program are scheduled for adoption on May 2, 2011.
NOTE: On March 10, the City erroneously released a Notice of Proposed Real Estate Property Tax Increase in two media outlets announcing the rate at $.0978. The rate set by City Council today supersedes the previously published rate. The correct rate will be re-advertised during the week of March 17. The City apologizes for this error.