Prince William County residents and businesses may be seeing some tax rate changes.
Taxes are one of the topics that was covered as part of a proposed fiscal 2024 budget. The spending plan was shared with the Board of County Supervisors (BOCS) by County Executive Christopher Shorter on February 28, according to a release from the Communications Office.
If approved, the real estate tax rate would decrease from $1.03 to $0.977 per $100 of assessed value. Meanwhile, the fire levy rate was proposed to stay at $0.075 per $100 assessed value. The real estate tax bill would rise $72, on average, for residents.
Tax rates for businesses, however, could be going up. It is recommended that the tangible computer and peripheral tax rate increase to $1.80 per $100 of assessed value. Currently set at $1.65 per $100 of assessed value, it saw a $0.15 increase between fiscal 2022 and 2023. Officials intend to advertise the rate as $2.15 while the fiscal 2024 budget is being determined.
Funding for the county and Prince William County Public Schools’ (PWCS) revenue-sharing agreement was included in the proposal presented by Shorter. The school system would receive about $787.1 million, $72 million more than it was provided in fiscal 2023.
PWCS Superintendent LaTanya McDade presented a proposed spending plan for the school system last month.
The Prince William County budget proposal also allocates dollars to a Crisis Receiving Center, Homeless Navigation Center, and Juvenile Services Center.
If the proposal is OK’d, funding would also be set aside for a traffic safety engineer and mobility projects, such as sidewalks and trails.
“The proposed budget addresses the strategic priorities for Prince William County, including an increased emphasis on employee compensation and other important initiatives. It also aims to provide tax relief to residents by lowering the tax rate to counterbalance the rising value of local real estate,” Chair At-Large Ann Wheeler said. “The Board will continue to work on both these items, and this week’s presentation is only the beginning of the budget process.”
A public hearing for the budget is scheduled for the evening of March 21. Hearings on the budget and tax rates will take place on the evening of April 11. The BOCS plans to adopt the fiscal 2024 budget on April 25.
More information about the budget can be found on the county’s website.
