Commissioner of the Revenue Robert S. Wertz Jr. said the final valuation of taxable real estate in the county is consistent with the most recent estimate provided to the Board of Supervisors.
Supervisors in January directed the county staff to prepare a county budget that includes a half-cent real estate tax rate cut to $1.14 per hundred dollars of assessed value, based on Wertz’s estimates at the time. He said the final valuation of total taxable real estate in the county bears that estimate out.
With a final valuation $72.6 billion of taxable real estate, up 4.57 percent from last year, the county can expect to bring in $827.6 million in real estate tax revenue this year at the proposed tax rate. That’s about $27.6 million more than last year’s budgeted real estate tax revenue of $800 million.
Real estate tax revenue is the major source of local revenue for the county government and schools. Last year’s budget also included $279.9 million in personal property tax revenue and $68.8 million in sales tax revenue.
Last year, county supervisors adopted a one-cent tax increase to balance out sagging real estate values. This year, according to Wertz’s office, the largest average year-over-year increase in home values was among single family townhomes, which appreciated by 1.46 percent. The total value of taxable commercial property grew by 1.48 percent to $14.3 billion.
County supervisors are scheduled to get a detailed briefing of the assessment date during today’s board meeting, which beings at 5 p.m.
Real estate assessments for tax year 2017 are available online at loudoun.gov/parceldatabase. Proprety owners who believe their assessments are incorrect may file an Application for Review with the Commissioner online at loudoun.gov/reaa by March 6. Thereafter, appeals may be made to the Board of Equalization until June 1.