No Change in Arlington County Property Tax Rate
The Arlington County board on Saturday passed a Fiscal Year 2012 budget with an overall 5.1 percent increase, but no property tax rate hike.
The real estate tax rate for Arlington homeowners will remain unchanged at 95.8 cents per $100 of assessed value. So, for example, if your Clarendon Orange Line home is assessed at $700,000, your annual property tax bill would be $6,706.
Rising Arlington home prices could mean slight increase
However, while the property tax rate remains stable, it’s likely you’ll see a slight increase when you pay property taxes due to rising property assessments as a result of rising home prices in the Arlington real estate market (median sales prices were up 8.72 percent in March 2011 compared to March 2010 in Arlington).
“Taking into account increases in real estate assessments and fee changes, the overall tax and fee burden for the average Arlington homeowner will increase 1.4% — or about $7 a month — an increase less than the current Baltimore-Washington region inflation rate of 3%,” according to a county press release.
The county’s FY2012 budget includes a 7 percent increase for Arlington schools, restoration of some library hours and 5 new police positions.
If you want to know more about the area housing market, search homes for sale in Arlington or need help selling your home, feel free to contact me at Meg@MegRoss.com or 703-447-0970.
Originally posted on the Arlington Real Estate Scoop.
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