![]() ![]() “The adopted budget contains the necessary personnel, operating and capital resources to support economic recovery and grow the City’s commercial base in an impactful and sustainable way.” “ expenditures continue the significant progress made over the past several years,” said Chief Financial Officer David Hodgkins. The overall FY 23 budget contains $193,908,167 for all funds and $162,157,744 for the General Fund. (The tax rate for machinery and tools will remain at 100 percent). However, the personal-property tax rate on vehicles was lowered from 100 percent of fair-market value to 86 percent. The personal-property tax rate remains at $4.13 per $100 assessed valuation. In addition, the average, annual, commercial real-estate tax bill will decrease by 4.2 percent. ![]() Stalzer explained that the reduction was made possible due to “an estimated $500,000 surplus” the City will receive because of Fairfax County’s recently updated FY22 school-tuition cost estimate. “The tax rate strikes the right balance between the quality of life our citizens expect and the ,” said Councilmember Joe Harmon. That means the owner of an average Fairfax City home valued at $588,964 will pay $127 more in real-estate taxes – less the $274 it would have cost had the tax rate remained at $1.035. But the figure adopted last Tuesday, May 3, reduced it even further to $1.01.īecause of the 8.75-percent rise in assessed values in calendar year 2022, the average residential tax bill will increase 2.2 percent. ![]() When City Manager Rob Stalzer unveiled his proposed budget in February, he initially recommended trimming that tax rate from its current $1.075 per $100 assessed valuation to $1.035. But more important for the residents, it reduces their real-estate tax rate by 6-1/2 cents. Fairfax City’s newly adopted FY 23 budget fulfills City Council’s goals and directives. ![]()
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