Board recommends lowering property tax rate to 90.6 cents amidst rising assessments

Prince William County's Board of County Supervisors has proposed a reduction in the real estate tax rate to 90.6 cents per $100 of assessed value, aiming to alleviate the financial burden on homeowners amid rising property values. This decision, discussed during the April 8, 2025 meeting, comes as the average residential property appreciation has surged to 7.2%, which would have resulted in a significant tax increase if the rate remained at the previously proposed 92 cents.

The adjustment means that instead of an average increase of $276, homeowners will now face an average increase of approximately $353 if the rate had not been lowered. The board's recommendation to decrease the rate is a direct response to community concerns about affordability and the impact of rising assessments on residents.

In addition to the real estate tax adjustments, the fire levy will remain unchanged at 7.2 cents, resulting in a slight increase in average costs from $22 to $28 for residents. The board emphasized that these funds are crucial for maintaining essential fire services in the community.

The meeting also addressed personal property tax rates, with the board proposing to separate the rates for vehicles and computer peripherals. The vehicle tax will remain at $3.70, while the computer and peripheral tax will be set at $4.15. This separation aims to provide clearer classifications and potentially more equitable taxation.

Overall, the proposed changes are expected to result in a general revenue loss of approximately $2.5 million, reflecting the board's commitment to balancing fiscal responsibility with the needs of the community. As the board moves forward, they will continue to evaluate the implications of these tax adjustments on local services and the overall budget.