Column: Property Values Are on the Rise and I Hear You
0
Votes

Column: Property Values Are on the Rise and I Hear You

I have heard from many of you since the County Executive released his proposed FY 

 

2023 County Budget and received your annual real estate valuations. As you likely know, we live in a very desirable place and many want to move here. This desirability is driving up home prices – if you know anyone who bought or sold a home this year, you know what I mean. Greatly increasing home values are reflected in your 2022 home valuation. County real estate valuations are determined by the market, based on sales of similar homes in your area and not by the Board of Supervisors. State regulations require that properties be annually assessed by the County at 100% fair market value, leaving no flexibility to local governments to adjust valuations.

Later this year when personal property letters go out, you will see that due to an increased demand for new and used cars, those valuations are increasing as well. Generally, if you are a home, vehicle or property owner these higher values represent a growing investment and are financially a good thing. For those who are not, or for whom your pay is not increasing, these increases can make life harder. 

As your representative, I am committed to working with my Board colleagues to continue offering the excellent County services you expect, providing the funding to offer the higher wages needed to fill the many vacant teacher, police, fire, technical and custodial positions, AND lowering your property tax rates. I know we are all proud to live in Fairfax County and enjoy the many services the County and area offer, but we also need it to be affordable.

Join me virtually on Wednesday, March 23 at 6 p.m. for the Mount Vernon District Budget Town Meeting to learn more about the County Executive’s proposed budget, ask questions and share your comments. https://www.fairfaxcounty.gov/mountvernon/mount-vernon-district-virtual-budget-town-meeting 

For more information on the proposed budget and how to comment, visit the County website. https://www.fairfaxcounty.gov/news/county-executives-fy-2023-proposed-budget-fully-funds-schools-request-employee-compensation 

You can also talk to a County appraiser about your home’s assessment and how to appeal. https://www.fairfaxcounty.gov/taxes/real-estate 

I am also pleased that for the first time in over 15 years, we, the Board, are able to expand the real estate tax relief program to benefit more seniors and people with disabilities.  https://www.fairfaxcounty.gov/news/board-supervisors-expands-real-estate-tax-relief-program

It is unfortunate that in Virginia, real estate and personal property taxes are one of the few sources of revenue available to pay for our County school, police, fire, park and other services. Currently, the state returns to us only about 23% of what Fairfax County residents contribute in state taxes. (These taxes are principally contributed through the fairest and most progressive form—income taxes.) If the state returned just 1% more of the income tax rate back to us, we could reduce our real estate tax rate by $.20! The state also funds only approximately 23% of our schools budget, with the balance coming from the County. In most counties south of us, the state funds schools at close to 50% or higher. Increased state funding for schools, public safety, mental health services, affordable housing and our many other Fairfax priorities would make a big difference in reducing the need to County-fund these services Fairfax County residents expect and need.

I look forward to hearing from you.

More information on the advertised budget plan: https://www.fairfaxcounty.gov/budget/advertised-budget-plan

More information about assessments and how to appeal yours: https://www.fairfaxcounty.gov/news/2022-real-estate-assessments-now-available-average-residential-increase-957

Tax Relief Program for Seniors and Persons with Disabilities: https://www.fairfaxcounty.gov/taxes/relief/tax-relief-seniors-people-with-disabilities