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Prince William County Is Anything but Broke, and Your Tax Rate is Increasing!

By
Real Estate Agent with Long and Foster Real Estate VA License # 0225089470

In these turbulent economic times, it is nice to know that my local government is not broke.  In fact, Prince William County is weathering the economy just fine.  How do I know?  I attended a budget meeting held by my local supervisor, Wally Covington, last night.

So here's what I found out at last night's meeting:

  • Prince William County has been saving for a rainy day.  $26.2 Million worth.  They are reportedly offsetting shortfalls in property taxes with it for the next few years.
  • The County also has been saving for a catastrophe.  $63 Million!  This will be used in the event of, "A Hurricane Katrina-like disaster."  
  • Our tax rate, despite this TREMENDOUS amount of savings, was INCREASED.  From 97cents per hundred to 1.198 per hundred. 

If you are a homeowner in Prince William County, your total tax bill should decrease, according to these County executives, over the next few years.  Then it will increase.  Property assessments are decreasing right now.  But from the sounds of the himming and hawing going on over the upcoming 2009 assessments, I'm not holding my breath on a reduced tax bill.

You see, one particular County executive who was involved in reassessing for 2009 was very clear.  The County does NOT consider the market value of your home what you need to sell it for, while competing with foreclosures and short sales.  To them, that is not reality...despite the fact that we are living it every stinking day.  So they are interpolating a different reality...to the end that puts more money in their pockets. 

I am a Realtor. This inference of market value NOT being what someone would currently pay for a home made me want to jump out of my seat and do my best Kathy Bates impression from the movie MiseryHAVE YOU ALL GONE MAD?  WHAT SOMEONE WILL PAY FOR A HOME IS MARKET VALUE!!

We can expect to see our 2009 assessments any day.  Don't be surprised if it's well above a REAL market value.  Personally, I won't be surprised if my tax bil is the same or higher. 

Comments(5)

Gary Woltal
Keller Williams Realty - Flower Mound, TX
Assoc. Broker Realtor SFR Dallas Ft. Worth

Chris Ann, taxing authorities never like to deal in real market value. That's why there is always property tax protests. Our rates are $2.20 to $3.00 per $100 but we don't have a state income tax.

Feb 20, 2009 07:28 AM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Gary:  We have personal property tax, state tax, sales tax and the property tax.  What I truly don't get are the HUGE reserves.  A catastrophe?  Maybe a tornado, but unlikely. We don't get hurricanes.  That's got me baffled.  OUr foreclosures going from 250 a year in 2006 to 6,500 in 2008...THAT'S a catastrophe.

Feb 20, 2009 07:37 AM
Audrey June-Forshey
RE/MAX Realty Services - Darnestown, MD
GRI, Gaithersburg, MD

Chris Ann, I could just strangle all of our county reps.  Everyone of ours are democrats. Not that there is anything wrong with being a democrat, but there is NEVER an argument against raising taxes, they just say I think we need to raise them and everyone says, ok. Sort of like living in Cuba?

Feb 20, 2009 01:35 PM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

I'm pretty sure that politicians learned a different type of math than the rest of us.

Feb 20, 2009 06:43 PM
Chris Ann Cleland
Long and Foster Real Estate - Gainesville, VA
Associate Broker, Bristow, VA

Audrey:  I think PW County is a mix, though our rep is Republican.  At the local level, I don't think it really matters what party they are from.  They all gouge us.

Russel:  I'm still trying to figure out what catastrophe is probable to hit our area.  We don't get anything more than a tropical storm.  Tornados in this area are rare and weak.  We don't get snow much anymore. I think being so close to DC our biggest threat is a dirty bomb or nuclear strike.  Can $63 million bring us back from the dead?

Feb 21, 2009 01:20 AM