Board Votes to Advertise Tax Rate for FY15 Budget
Wednesday, 26 February 2014
| County News & Features | | | 0 Comments

The Prince William Board of County Supervisors voted to advertise a tax rate of $1.158 per $100 of assessed value during their meeting on Tuesday, Feb. 25, 2014.

This would be a 2 percent reduction from the current tax rate of $1.181. The average residential tax bill would be $3,599; which is an increase of 5.4 percent ($185 per year) from Fiscal Year 2014.

Based on the advertised $1.158 tax rate, the total general revenue for Fiscal Year 2015 would be $862.3 million. In accordance with the revenue sharing agreement between the County and the Prince William County Public School System, 57.23 percent of the general revenues (with the exception of the Recordation Taxes) would be transferred to the Schools.

This would provide the same amount of revenue to the County and the Schools in Fiscal Year 2015 that the Board adopted in their Five-Year Plan in April 2013. As a result, the schools would receive an additional $18.6 million while county government would see a $14.1 million revenue increase.

Per Virginia Code, the Board can adopt a tax rate that is lower than the advertised rate, but cannot adopt a tax rate that exceeds the advertised rate.  

Budget work sessions will take place on March 18.

Final real estate tax assessments will be mailed to property owners in March, which will allow them to determine how the tax rate would impact them directly.

The Prince William County Public Schools Board will present its budget to the Board of County Supervisors on April 1.

The public is encouraged to participate in the budget process. The County has an online tool that allows the public to submit budget questions. All questions and answers are posted online and viewable by the public (Budget Q&A Site).

On April 2, the Planning Commission will hold a public hearing on the Capital Improvement Plan (CIP), where the public may share their position on the proposed County and School projects.

On April 8, the budget and tax rate public hearings will be held. The public is encouraged to come and speak to their position with regard to the advertised tax rate and proposed budget.

Budget recap, where County staff provides the most up-to-date numbers to the Board will also be held on April 8.

Budget markup, where the Board makes changes to the proposed budget based on citizen feedback and staff recommendations, will be on April 22. The budget is scheduled to be adopted on April 29.

If you have a question about the County’s budget, visit the budget webpage (www.pwcgov.org/budget).

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