On Wednesday, May 5, 2021 the Alexandria City Council unanimously adopted the Fiscal Year (FY) 2022 General Operating Budget. The newly approved budget of $770.7 million represents an increase of 2.3% over the current year. It seeks to provide tax relief amid rising property assessments and promote continued pandemic recovery.
Included in the budget is the first real estate tax reduction in 15 years, decreasing the rate from $1.13 to $1.11 per $100 of assessed value. This measure is intended to lessen the impacts of rising real estate values on property owners. The FY 2022 budget is set to take effect on July 1, 2021 and end on June 30, 2022.
While the real estate tax rate decrease is welcome, also contained in the FY 2022 budget is a doubling of the stormwater utility fee. This fee, currently set at $140 per billing unit, is due to increase in two stages: to $210 in June 2021 and to $280 in November 2021. The stormwater utility fee is included on real estate tax bills due each June and November.
The subject matter experts at Ryan are exploring creative strategies to assist our clients and minimize tax liability where possible. We urge you to reach out to our local team prior to the appeal deadline of June 1.
TECHNICAL INFORMATION CONTACTS:
Michael Allen
Principal
Ryan
954.740.6240
michael.allen@ryan.com
Steve Thompson
Principal
Ryan
202.470.3102
steve.thompson@ryan.com
Grant Steinhauser
Senior Manager
Ryan
202.470.3105
grant.steinhauser@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.