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Supervisors settle on a $1.14 tax rate
An unofficial vote by Loudoun's Board of Supervisors March 26 indicates that the county's real estate tax rate will be $1.14 per $100 of a home's assessed value -- 18 cents higher than the current rate of 96 cents.
Taxpayers can expect to pay a higher bill – but since many homes are assessed at a substantially lower value this year, the pinch will not be quite as hard.
The average assessment on a home in Loudoun in 2008 is $447,605, which means the average tax bill in Loudoun will be about $5,103. In 2007, when the average home was assessed at $487,000, the average tax bill was $4,675.
The rate the board has settled on -- by a narrow margin of 5-4 -- is about 7 cents lower than County Administrator Kirby Bowers' proposed rate.
The vote on the official tax rate will be taken at the next board meeting on April 1.
The School Board sought an $81 million increase over last year's budget to provide for the county's growing school system. With this new tax rate, it will receive only about $55 million more than last year. The board will now need to decide what to cut.
The rest of the budget – police, social services, libraries, etc. -- must be reduced by $12 million from the budget proposed by the county administrator.
The board also raised some business license taxes, some of which hadn't been raised since 1973.
Next year's tax rate will in all likelihood have to be raised as well. The county projects the average home will be assessed at $426,951 in 2009.
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