The Falls Church City Council in Virginia has approved a new fiscal year 2023 budget, and residents will see the rate they pay for taxes on real estate and vehicles slashed.
The $112.8 million budget passed the council during its Monday night meeting.
“This year’s budget continues support for community priorities like school excellence, pedestrian safety, affordable housing, the environment, and stormwater infrastructure while being mindful of the impact of rising residential assessments,” Mayor P. David Tarter said in a statement.
“Smart growth and economic development have produced results that support these efforts while allowing us to reduce our tax rate by nine cents,” Tarter said.
Aiming to offset an 11% overall increase in real estate assessments, the budget contains:
- A drop in the real estate tax to $1.23 per $100 of assessed value
- A car tax rate reduction from the current $5.00 rate to $4.30, meant to address what the city believes is a “temporary sharp increase in vehicle valuation due to worldwide supply issues”
Meanwhile, there will be a 3% rise in the sanitary sewer rate, which goes from $9.87 to $10.17 per 1,000 gallons.
The median homeowner will pay about $3.60 per quarter, which the city said was the first time this tax rate has risen since 2016.
The stormwater fee rate rose 3% as well.
The fiscal year begins July 1, 2022.