On Thursday, February 18, Arlington, Virginia County Manager Mark Schwartz presented the budget for fiscal year 2022 to the County Board. Schwartz is proposing using targeted cuts and limited one-time funding rather than raising tax rates to close the $26 million-dollar budget gap. The final discussion as well as adoption is set for early-to-mid April 2021.
To focus on the pandemic recovery while addressing ongoing needs and priorities, Schwartz proposes keeping the $1.013 per $100 property tax rate flat, as well as not changing the tax rates for personal property; Business, Professional, and Occupational License (BPOL); or Business Improvement District (BID) tax. The only change taxpayers will see to ad-valorem tax is a stormwater rate increase from $0.013 to $0.017 per $100 in value.
While this is welcome relief for property owners in Arlington, the impact of the coronavirus will continue to negatively affect many businesses for the near future. While some industries such as hospitality have already seen reduced assessments (approximately 25% reduction), the assessment on other asset types remained relatively constant.
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 April 15.
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