What Does a Tax Rate Hike Really Mean to You?
So often in the news every year there is heated debate over setting county tax rates and usually a tax rate hike. This is due in large part to determining whether or not to fully fund school systems. This is the bulk of the budget. While we all love the idea of lowering taxes, it never seems to be on the table for your local Board of Supervisors.
Some years they agree to keep it the same but with an ever growing population and outdated buildings and facilities Fairfax County is proposing a 4 cent tax rate. This will draw the hesitation of many but here is what it really means for you and your wallet. One thing to keep in mind is that your sale price is insignificant, it is only the tax assessed value by the county that counts for taxes.
As you can see, it is an increase but not the dramatic one played out in the heated discussions. One thing to keep in mind, sometimes school systems will have to impose other fees if not fully funded which could end up costing you more.
One last note- this is not your final tax bill. There are additional taxes levied depending upon where you live. For example, the Town of Vienna has an additional tax as well as other areas. There are others that impact everyone. See http://www.fairfaxcounty.gov/dta/realestatetax_taxrates.htm for more information.