Tax bills to increase despite rate cuts

The Washington Times ^ | 4-11-05 | Christina Bellantoni

[JZelle]

Localities in Northern Virginia are preparing to slash property-tax rates, but homeowners still will pay more — and more — because of skyrocketing assessments. Fairfax County officials are considering a record tax-rate cut of 13 cents, dropping the rate from $1.13 to $1 per $100 of a property's assessed value. A 23 percent increase in the assessments, however, will force the average tax bill to go up $350. Officials in Arlington County are considering a 5-cent cut to the property-tax rate, lowering it to slightly less than 91 cents, one of the lowest in the region. Still, the average tax bill will increase by more than $600.

[JZelle]

What a friggin scam!!

[Lichgod]

I live in Prince William County, VA. Our property assessment value was increased 40% for 2004. If this rate keeps up, we will be selling our house in one or two years due to the difference in purchase/sale price getting taxed (more than 500k profit). We really like our home but hate taxes more.

[Flashman_at_the_charge]

Sounds like you need a Cali prop.13.

[doc11355]

Our property assessment value was increased 40% for 2004. If this rate keeps up, we will be selling our house in one or two years due to the difference in purchase/sale price getting taxed (more than 500k profit). We really like our home but hate taxes more.

As long as your property value is going up every year at many times the cost of your property tax bill, this would be a very poor financial decision, IMHO.