When selling your home or purchasing a home in Northern Virginia many of us will read the line item for Real Estate Tax Assessment. This is where the real estate tax payment is escrowed (if you are a purchaser) and/or receive a credited or collected from the seller/purchasers depending on the month and date of closing. Northern Virginia counties collect the real estate tax bill twice a year.
However in most cases if you have a mortgage the lender gets the bill and they pay it from the escrow they collect every month. For few who are fortunate to have no mortgage or lender allows you to pay your own tax bill you will need to stick a reminder to pay the bill on time to avoid penalties or worst case lien on your home.
Northern Virginia real estate market is a huge source of income for local jurisdiction for funding roads, schools and other local amenities to the residents.
Here is the break down of all the local cities & county the due date and their websites:
City of Alexandria - The fir
st half of the tax bill is mailed in May and is due by June 15. The second tax bill is mailed in October and is due by November 15. Tax Rate is $1.043 for every $100
City of Fairfax :- The first half of the tax bill is due on June 21 and second half tax bill is due by December 5.Tax Rate is $1.052 for every $100.
The City of Arlington- Payment is made to the Treasurer's Office in two installments, dueJune 15 and October 5. Tax Rate is $0.996 for every $100.
City of Falls Church- Payment is made to the Treasurer's Office in two installments, due on June 5 and Dec 2. Tax Rate is $1.305 for every $100.
Town of Herndon-Tax bills are mailed out 3 to 4 weeks prior to the due dates. The due dates are July 28 and December 5 each year. Tax Rate is $0.265 for every $100 + Fairfax County Tax Assessment.
Loudoun County- The first half of the tax bill payment due on June 5 and the second half payment due on December 5. Tax Rate is $1.135 for every $100.
Fairfax County-Tax bills are mailed out 3 to 4 weeks prior to the due dates. The due dates are July 28 and December 5 each year. Tax Rate is $1.090 for every $100.
Prince William County- Similar to other jurisdictions tax payments are divided into two equal installments. Payment for the first installment is due on July 15 and payment for the second installment is due on Dec. 5. Tax Rate is $1.1936 for every $100.
New Construction- If you are purchasing a new construction home most of the counties & cities will send out a supplement bill that will show the adjustment of the tax due. Speak with your closing agent on what to do if you receive a supplemental insurance bill.
Comments(2)