Loudoun County officials are projecting a 2009 budget shortfall of $251M (full story here). The current budget was approved by supervisors last April, at which time they were counting on over 70 percent of tax revenue coming from real estate. With real estate property values and overall activity having decreased, the smaller amount of collected taxes and ensuing budget shortfall should come as no surprise.
So what will Loudoun County do? In a "conversation" with supervisors, County Budget Manager Ari Skysaid that a tax rate of around $1.24 per $100 of assessed value would be needed to eliminate such a shortfall (the current tax rate is 96 cents). Whether it was just "light conversation" or more of a strong suggestion on how to fix the budget short-fall, who knows. But I'm sure we'll all find out soon.
For more information about Loudoun County, Virginia, check out Loudoun Stats.
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