Tax Rate Advertisement February 21, 2012 February 21, 2012 Tax - - PowerPoint PPT Presentation

February 21, 2012 February 21, 2012

Tax Rate Advertisement

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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

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PWC Continues to Have the Lowest Tax Bill in Northern Virginia

PWC FY 13 avg tax bill is 30% lower than

• ther NoVA

jurisdictions’ FY 12 avg tax bill

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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)

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PWC Tax Burden Remains Low

(Average Tax Bill/Median Household Income)

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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

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FY 2013 Average Residential Real Estate Tax Bill - $3,311

School Transfer $ 1 ,8 7 9 – 5 6 .7 5 %

Hum an Services $ 1 6 6 – 5 .0 1 % Public Safety

w / Debt & CI P

$ 7 2 4 – 2 1 .8 5 % General Gov’t & Admin 139 – 4.21% Transportation w / Debt & CI P $ 1 1 2 – 3 .3 9 %

Com m unity Developm ent $ 1 3 4 – 4 .0 5 % Parks and Library $ 1 0 2 – 3 .0 9 % General Debt & CI P $ 2 5 – 0 .7 5 % Other $ 3 0 – 0 .9 0 %

By Dollar Amount with Functional Areas

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Unresolved Issues

Transportation/Devolution Schools Cost of Competing Adjustment (COCA) Schools VRS Local government VRS Comprehensive Services Act (ARYFS)

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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

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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

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Questions