If you live in Fairfax County then you have most likely received your 2015 Tax Assessment. I was surprised to see that the assessment on my personal residence had gone up 7.11%. While it is good news to see real estate values increase, no one welcomes a larger tax bill! How bittersweet is that?
News on the 2015 Fairfax County Tax Assessments can be found here
I generally receive 5 calls a year from elderly residents in Fairfax County who are struggling to pay their real estate taxes. Yes, they have homes of value yet they do not have CASH.
There are classes offered by the county to educate the residents on the path to real estate tax relief. Even if one falls into the "low income" category (<$52,000), one must also have personal assets below a certain threshold ($340,000) to qualify for real estate tax exemption. A synopsis of these rules can be found here.
Examining the history of real estate taxes in Fairfax County is a real eye opener in terms of budgeting for retirement years. Even if your home is paid off, there will be a monthly payment to Fairfax County for real estate taxes and chances are it will increase over time.
Interestingly enough, once one leaves the Northern Virginia area of Virginia, things are a little different so to speak. The residents of Southwest Virginia are very protective of budgets and make it clear to the lawmakers that increasing taxes is a definite "no no". There is something to admire about these Virginians! They are budget conscious and hold their elected officials accountable. I have spoken to several retirees that have joined the battle to keep real estate taxes at bay in Franklin County. They found areas where money was being frivolously spent and corrections were made in procedure. It takes time and energy to preserve our freedoms yet so worth it.
Thank you for visiting my blog, I hope you have a nice day. Remember, if you want to buy or sell a home, call me today. I am here to help.