The proposed FY 2012 Arlington County budget has no increase for the property tax rate for the county. The current tax rate: 95.8 cents per $100 assessed value will remain the same for 2011. The proposed budget is expected to be formally adopted on April 16th, 2011 at board meeting that you can watch live, here.
Many of you will see an increase in your property taxes, even though the tax rate will remain the same. Why? Because assessments have increased for the year to reflect the increasing strength of our local real estate market.
To calculate your taxes follow these steps:
1. Find your assessment, if you’ve lost the mailer you received from the county.
2. Take the assessed value and divide by 100:
ex: Assessed Value = $600,000
$600,000 / $100 = $6,000
3. Multiply this number by 0.958 to get your annual taxes:
ex. $6,000 * 0.958 = $5,748 in annual property taxes
Arlington Property Taxes are paid twice annually: June 15th and October 5th
(If you’ve escrowed your taxes into your mortgage payment, your bank will pay these on your behalf)