A proposed increase in property assessments in Prince William County, Virginia, has been removed from the county’s revised fiscal 2021 budget.
The original budget proposal submitted by County Executive Chris Martino in February proposed an increase of 2 cents per $100 in assessed value, to $1.145. The budget recap just submitted would hold the assessment at the current $1.125 per $100 of assessed value.
If approved as proposed, most Prince William County property owners would still see an increase in their actual property tax bill because of rising home values. The county estimates residents would see an average increase of $165.
Martino’s revised budget would mean the fiscal 2021 budget at the flat tax rate coupled with the projected economic impacts of the COVID-19 pandemic would be $42.3 million less than the proposed budget presented in February.
The revised budget proposal does maintain an increase for data center property owners, with a tangible personal property tax on computers and computer equipment increasing to $1.35, from the current rate of $1.25.
With no change in the current property tax assessment, Prince William County’s general fund budget would see a $19.6 million decrease compared to the budget proposed in February.
Prince William County has also proposed $18 million in spending reductions through eliminating pay raises for county employees and reducing plans for new hires.
The county board will vote on the fiscal 2021 budget on April 28.
