Tax Rate Advertisement February 21, 2012 February 21, 2012
Tax Rate Advertisement Why does tax rate have to be advertised now? State Code Section 58.1-3321 requiring that a Notice of Proposed Real Property Tax Increase be published once at least thirty days prior to the public hearings Where are we in the process? Determine tax rate advertisement - today, February 21st Budget work sessions - March 20th & March 27th School Board budget & CIP adoption - March 21st Budget public hearing - March 29th Budget recap - April 10th Budget markup - April 17th Budget adoption - April 24th | 2 | 2 Tax Tax R Rate te Advert vertisement isement February 21, 20 February 2 , 2012 12
PWC Continues to Have the Lowest Tax Bill in Northern Virginia PWC FY 13 avg tax bill is 30% lower than other NoVA jurisdictions’ FY 12 avg tax bill | 3 | 3 | 3 | 3 Tax R Tax Rate te Advert vertisement isement February 2 February 21, 20 , 2012 12
PWC Continues to Have the Lowest Tax Burden in Northern Virginia (PWC, Alexandria, Arlington and Loudoun are FY 13 Proposed Avg. Tax Bills/2010 Median Household Incomes; Fairfax is FY 12 Avg. Tax Bill/2009 Median Household Income) | 4 | 4 | 4 | 4 Tax Tax R Rate te Advert vertisement isement February 21, 20 February 2 , 2012 12
PWC Tax Burden Remains Low (Average Tax Bill/Median Household Income) | 5 | 5 | 5 | 5 Tax R Tax Rate te Advert vertisement isement February 2 February 21, 20 , 2012 12
Proposed Real Estate Tax Rate Proposed FY 13 Budget Tax Rate = $1.215 $ 1.204 in FY 12 Average Residential Real Estate Tax Bill Down 3.8% from FY 09 ($437 less adjusted for inflation) Flat tax bill in real dollars (adjusted for inflation) Increases by $9.17 per month over FY 12 or $110 total Additional Revenue Schools receive $19.6M more in FY 13 County receives $14.8M more in FY 13 | 6 | 6 Tax Tax R Rate te Advert vertisement isement February 21, 20 February 2 , 2012 12
FY 2013 Average Residential Real Estate Tax Bill - $3,311 By Dollar Amount Com m unity General Developm ent Debt & CI P $ 2 5 – 0 .7 5 % $ 1 3 4 – 4 .0 5 % with Functional Areas Hum an Services Parks and Library $ 1 0 2 – 3 .0 9 % $ 1 6 6 – 5 .0 1 % School Transfer $ 1 ,8 7 9 – 5 6 .7 5 % Public Safety General Transportation Other $ 3 0 – 0 .9 0 % w / Debt & CI P Gov’t & Admin w / Debt & CI P $ 7 2 4 – 2 1 .8 5 % 139 – 4.21% $ 1 1 2 – 3 .3 9 % | 7 | 7 Tax Tax R Rate te Advert vertisement isement February 2 February 21, 20 , 2012 12
Unresolved Issues Transportation/Devolution Schools Cost of Competing Adjustment (COCA) Schools VRS Local government VRS Comprehensive Services Act (ARYFS) | 8 | 8 Tax Tax R Rate te Advert vertisement isement February 21, 20 February 2 , 2012 12
Requested Action Approve the Resolution to Advertise the Proposed FY 13 Tax Rate of $1.215 (or as amended) and all other taxes, fees and levies Advertise the Development Fee adjustments presented by Development Services and the Commercial Development Committee | 9 | 9 Tax Tax R Rate te Advert vertisement isement February 21, 20 February 2 , 2012 12
Next Steps March 13 - Five Year Plan presentation March 20 & 27 - work sessions March 29 - public hearing April 10 - recap April 17 - markup April 24 - adoption | 10 | 10 Tax Tax R Rate te Advert vertisement isement February 21, 20 February 2 , 2012 12
Questions | 11 | 11 Tax Tax R Rate te Advert vertisement isement February 2 February 21, 20 , 2012 12
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