Residential property taxes proposed by Loudoun County will be discussed at the March 24 city council meeting
Loudoun County and, by extension, the City of Middleburg are proposing to raise property taxes. This is the result of an increase in county-monitored and assessed land value assessments.
A combination of inflation and a 10-25% increase in property values from 2020 to 2021, according to Loudoun County assessments, has resulted in this proposed increase. Right now, the county’s envisioned increase will be at least two to three percent, with some households being assessed more.
City Council is proposing to either keep the current tax rate unchanged or reduce the current tax rate, depending on the city’s final tax analysis and community feedback. This is an effort to protect property owners from paying onerous tax increases in a short period of time. Pursuant to Virginia Code Section 58.1-3321, a public hearing into the increase will be held on March 24, 2022 at 6:00 p.m. at the Middleburg Municipal Office located at 10 West Marshall Street in Middleburg, Virginia. This public hearing replaces the previously announced public hearing.
“This increase is county-mandated and is not related to separate discussions about the construction of a new Middleburg City Hall building that would house the city council and its offices as well as community-focused rooms” , according to Danny Davis, director of the city council. .
Davis said the average tax bill for single-family homes valued at about two to three percent is rising. The total taxable value of real estate, as of January 1,
2022, according to Loudoun County, excluding additional assessments due to new construction or property improvements, exceeds the total assessed value of real estate by 15.13% from last year . As a result, a single-family home valued at $650,000 could increase by around $53, while townhouses have increased in value at a more aggressive rate, resulting in potential tax bills of an additional $136 per year.
These discussions continued, beginning with the February 10 county council meeting on revenue and the February 24 meeting, which included a discussion on revenue and the budget presentation. You can view these discussions by visiting http://www.middleburgva.gov/Town-Meetings.
According to Davis, Virginia’s state code can be confusing because even though tax rates do not increase and may in fact be reduced through city council discussions, the state code requires that increases taxes are advertised in local newspapers and presented to the public. city council hearings. The first announcement of this reunion was announced prominently in Loudoun Now on February 17.
According to Virginia state code, the announcement for this public hearing must appear in the county newspaper in type of at least 18 point and occupy one-eighth of a page in any section except the legal/classified notices section.
Initial conversations in the community included discussions from the finance committee about how some landowners might be unable to pay these taxes. At this stage, no specific proposal has been made to mitigate this potential situation. This issue is discussed in separate meetings, including a meeting of the Findings Committee.
The Council plans to lower the city’s rates to incorporate the inflationary factor. It seeks to strike an appropriate balance between all sources of revenue, including resort taxes levied on restaurant meals and hotel stays.
The Town of Middleburg proposes to adopt a tax rate of no more than $0.153 per $100 of assessed value. The difference between the reduced tax rate and the proposed higher tax rate would be $0.0201 per $100, or 15.12%. This difference will be referred to as the “effective tax rate increase”, even if the tax rate does not increase. However, individual property taxes may increase at a higher or lower percentage than the above percentage.
For more information, you can log on to http://www.middleburgva.gov/budget for the budget document, presentation, etc. Questions can be directed to the City Manager at 540-687-5152.