Loudoun County Proposed FY2010 budget and Real Estate tax rate

Loudoun County’s proposed FY2010 budget is made available online at “Loudoun County Proposed Budget 2010″ . Please click here to get an understanding of the budget process and also to get more information on public hearings concerning the budget as well as the real estate tax rate. The proposed tax rate is 1.29% ($1.29 per every $100 of assessed value), which is about 13% higher than last year, whereas the assessment values have dropped by about 14%. Overall, on an average, there could be a slight decrease in the taxes paid this year compared to last year. Please note that these are averages and individual situations could differ.

Loudoun County Adopts FY 2009 Budget, with a 1.14% real estate tax rate

After long discussions and many public hearings, yesterday, the Loudoun County Board of Supervisors agreed on a 1.14% real property tax rate, which basically is $1.14 per every $100 of the real property’s assessment value.

This rate represents a 19% increase in the real estate tax rate, but the overall average tax bill for homeowners could be about 6.5% ($308) higher than last year. This is because of the drop in assessment values (which leads to lower taxes, but the increase in rate more than makes up for it). Last year’s tax rate (for Fiscal year 2008) was $0.96 per $100.

The reasons given for such an increase in the tax rate is the drop in assessment values of real property (because of the slower market) as well as the continued growth of the county school system, which is expected to add around 3000 more students this coming Fall. During the public hearings about the county budget and tax rate, there were a lot of residents concerned about higher tax bills but there was also another set of county residents who supported the increased budget of the school system.

Click here to view the County Press Release.