Example of Fairfax County Property Tax Calculation
Fairfax County calculates property tax based on the assessed value of a property. The assessed value is determined by a professional assessor who considers factors such as the size, location, and condition of the property.
Once the assessed value is determined, the county uses a tax rate, which is set annually by the Board of Supervisors, to calculate the property tax owed. For example, if the assessed value of a property is $500,000 and the tax rate is $1.15 per $100 of assessed value, the property tax owed would be $5,750 (5000 x 1.15).
In addition to the county tax rate, there may be additional taxes levied by other entities such as the state or school district. These rates can vary and are also applied to the assessed value of the property.
Property owners in Fairfax County can pay their property taxes annually or in two installments, due in June and December. Failure to pay property taxes can result in penalties and interest charges.
If you want appeal your property tax assessment - contact your local tax assessor.
Fairfax County Property Tax Rates
The following table displays the property tax rates for Fairfax County in US dollars per 100$ of assessed value:
| Tax Type | Rate per 100$ of Assessed Value |
|---|---|
| Real Estate Tax | $1.15 |
| Personal Property Tax | $4.57 |
| Machinery and Tools Tax | $1.84 |
| Business Tangible Property Tax | $4.40 |
Please note that these rates are subject to change and residents should consult with their local tax advisor for up-to-date information.
Who sets property tax rates in Fairfax County ?
In Fairfax County, the Board of Supervisors sets the property tax rates each year. This typically occurs during the budget approval process, which takes place in the spring. The property tax rate is expressed as a percentage of the assessed value of the property and is used to fund local government services such as schools, public safety, and infrastructure projects. The exact amount of property tax owed by a property owner depends on the assessed value of their property and any applicable exemptions or deductions.
Homestead exemptions in Fairfax County ?
To assist residents of Fairfax County, Virginia with understanding the various Homestead exemptions and deductions available to them, we've created a table outlining key information for each. Check out the table below to learn more:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Primary residence | $5,000 deduction from assessed | Must apply by April 1st of each year |
| value of property | |||
| Senior Citizen | Age 65 or older | $4,000 deduction from assessed | Must have a maximum income of $95,000 per year |
| value of property | |||
| Disabled | Total disability | $4,000 deduction from assessed | Must have a maximum income of $60,000 per year |
| value of property | |||
| Surviving spouse | Surviving spouse of a | $300,000 exemption from | Must be the primary residence of the surviving |
| service member killed | assessed value of property | spouse or an otherwise eligible surviving spouse | |
| in action |
It's important to note that eligibility requirements and benefit amounts may vary by county or state, so it's always best to check with your local government for the most accurate information. Additionally, the application process for these exemptions and deductions may require additional documentation, so be sure to follow all instructions carefully.
When is Fairfax County Property Tax due ?
Fairfax County Property Tax is typically due twice a year: on June 15th and December 5th.
There are several methods to make a payment, including:
- Online: Payments can be made online through the Fairfax County website using a credit or debit card or an electronic check.
- Mail: Checks can be mailed to the Fairfax County Department of Tax Administration along with the payment stub.
- In Person: Payments can be made in person at the Department of Tax Administration office located in Fairfax.
It is important to note that if the due date falls on a weekend or holiday, it will be extended to the next business day. Additionally, interest and penalties will be charged for late payments.
By staying informed about the due dates and payment methods, property owners in Fairfax County can ensure they avoid any additional fees and penalties.
If you have more questions - contact your local tax collector.
How is Fairfax County Property Tax penalty calculated ?
Fairfax County Property Tax Penalty Calculation
Penalties for late payment of Fairfax County property taxes are calculated as a percentage of the unpaid taxes. The percentage increases each month that the taxes remain unpaid. Here is an example of how the penalty is calculated:
Assuming the property owner owes $10,000 in property taxes and the taxes are due on June 15th, but the owner does not pay until August 1st, the penalty calculation would look like this:
| Month | Penalty Percentage | Unpaid Taxes | Penalty Amount |
|---|---|---|---|
| June | 0% | $10,000 | $0.00 |
| July | 3% | $10,000 | $300.00 |
| August | 6% | $10,000 | $600.00 |
In this example, the penalty for paying the taxes two months late would be $900.00, which is 9% of the $10,000 owed.
It is important to note that the penalty percentage increases each month and can reach up to a maximum of 12% after 12 months. Therefore, it is important to pay property taxes on time to avoid unnecessary penalties.
In conclusion, Fairfax County property tax penalties are calculated as a percentage of the unpaid taxes, with the percentage increasing each month that the taxes remain unpaid. It is important for property owners to pay their taxes on time to avoid unnecessary penalties.
We recommend contacting the Fairfax County Tax Office or a local tax professional for the most up-to-date and accurate information.