While many Fairfax County homeowners are bracing for jumps in their real estate tax assessments, the overall property tax burden on commercial and industrial property owners is projected to drop.
With the market upended by the pandemic, telecommuting, and other factors, the county’s property tax revenue for commercial and industrial properties will decrease by $8 million for fiscal year 2023, which starts July 1.
Meanwhile, the residential property tax base will increase by $155 million after a surge in housing demand fueled rising assessments. Bills are expected to increase even with the Board of Supervisors planning to reduce the tax rate when it adopts a new budget on Tuesday (May 10).
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