Alexandria City Council Sets Potential Maximum for 2022 Real Estate Tax Rate
ALEXANDRIA, VA -On March 8, the Alexandria City Council voted unanimously to consider a 2022 calendar year real estate tax rate of up to $1.115 per $100 of assessed value. The real estate tax rate that City Council eventually adopts could be either lower than or equal to the current rate of $1.11; however, it cannot be higher than the maximum tax rate that is advertised. No increase will be considered for the tax rates on personal property (vehicles) or business-tangible property.
On February 15, City Manager James Parajon proposed a Fiscal Year (FY) 2023 Operating Budget that funds 100% of City government and Alexandria City Public Schools operating costs at the current tax rate of $1.11, with no proposed tax rate increase. By advertising the $1.115 rate, City Council created flexibility in the tax rate setting decision. The Council may also consider those operating budget and capital investment priorities that are not funded in the City Manager’s proposed budget.
If the City Council adopts the real estate tax rate in the proposed budget of $1.11 for 2022, then the average residential tax bill would increase $445, or 6.5%, when compared to 2021 residential tax bills. The proposed budget did not include a real estate tax rate change, so this increase occurs primarily in response to increases in residential real property assessed values. If City Council adopts the maximum real estate tax rate of $1.115 for 2022, then the average residential tax bill would increase $477, or 7.0%.
City Council will adopt final rates in conjunction with adoption of the FY 2023 budget on May 4. A virtual public hearing on the ordinance establishing the real estate tax rate will be held on Saturday, April 23, at 9:30 a.m.
Visit alexandriava.gov/Budget for more information about the FY 2023 budget process.
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