Loudoun County Supervisor Ron Meyer (R-Broad Run) wants to trim the proposed $2.5 billion county budget for next fiscal year by about $7.6 million.
In a press release this morning, Meyer announced his intention to push for a property tax rate of $1.125 per $100 of assessed value for fiscal year 2018, knocking 1 cent off the rate proposed by County Administrator Tim Hemstreet of $1.135.
“Our revenues dramatically increased because of our commercial growth,” Meyer stated. “In order to provide tax relief to seniors on fixed incomes, incentivize more businesses to invest in Loudoun, and create a sustainable budget for years to come—we need to pass the budget at this tax rate.”
If the fiscal year real estate tax rate were reduced from $1.135 to $1.125, the tax bill for a resident with property assess at $400,000 would decrease by $40 for the year.
Meyer is recommending most of the $7.6 million in reductions come from the schools’ budget, according to his senior aide, Andrew Mowry. The School Board has requested a 9.3 percent increase in its budget, while Meyer’s office says an 8 percent increase should be sufficient.
He said there would be no cuts to programs from current funding levels, but less of an increase to some.
Meyer said he will release his full plan at the end of the Board of Supervisors’ budget work sessions. Supervisors are expected to make a final vote on the budget Tuesday, April 4.