Example of Falls Church City Property Tax Calculation
Property tax in Falls Church City is calculated based on the assessed value of a property. For example, if a property is assessed at $500,000, the tax rate of $1.35 per $100 of assessed value would be applied.
To calculate the property tax, one would divide the assessed value by $100 and then multiply by the tax rate. In this example, the calculation would be as follows:
$500,000 รท $100 = 5,000 5,000 x $1.35 = $6,750
Therefore, the annual property tax for a property assessed at $500,000 in Falls Church City would be $6,750. It is important to note that the assessed value of a property may change over time, which can impact the amount of property tax owed.
If you want appeal your property tax assessment - contact your local tax assessor.
Falls Church City Property Tax Rates
The following table displays the Falls Church City Property Tax rates:
| Tax | Rate per $100 of Assessed Value |
|---|---|
| Real Property Tax | $1.355 per $100 |
| Personal Property Tax | $5.00 per $1000 |
| Machinery and Tools Tax | $1.55 per $100 |
| Business License Tax | Based on Gross Receipts |
| Meals Tax | 4% of Total Sales |
| Transient Occupancy Tax | 3% of Room Rental Charges |
These tax rates are subject to change and residents are advised to consult with a tax professional for the most current information.
Who sets property tax rates in Falls Church City ?
The property tax rates in Falls Church City are set by the City Council. This governing body meets annually to review the budget and set tax rates accordingly. The tax rates are typically established in the spring and go into effect on July 1st of each year. Property owners in Falls Church City can expect to receive their annual tax bills in late summer or early fall.
Homestead exemptions in Falls Church City ?
In Falls Church City, Virginia, there are several county-specific Homestead exemptions and deductions available for eligible residents. The following table lists the different exemptions available, along with their eligibility requirements, the amount of the exemption, and any additional notes to keep in mind:
| Exemption | Eligibility | Amount | Notes |
|---|---|---|---|
| General Homestead | Must be the primary residence | Up to $5,000 | Must file an application by April 1st of the tax year |
| Senior Citizen / Disabled | Must be 65+ or permanently disabled | Up to $10,000 | Must file an application by April 1st of the tax year |
| Surviving Spouse of Military/First Responder | Surviving spouse of military or first responder who died in the line of duty | Full exemption | Must file an application by April 1st of the tax year |
| Disabled Veterans | Service-connected disability rating of 100% | Full exemption | Must file an application by April 1st of the tax year |
It's important to note that these exemptions can only be applied to one's primary residence and cannot be used for rental or investment properties. Eligible residents must file an application with the Falls Church City Commissioner of the Revenue by April 1st of the tax year to take advantage of these exemptions.
Overall, these Homestead exemptions and deductions can provide significant savings for eligible Falls Church City residents, so it's worth taking the time to understand and apply for them.
When is Falls Church City Property Tax due ?
Falls Church City Property Tax is typically due on December 5th each year. The payment can be made through various methods including:
| Payment Method | Description |
|---|---|
| Online | This is the quickest and most convenient method to pay the property tax. The payment can be made through the city's website by using a credit card or electronic check. |
| The property tax payment can be mailed to the city's treasury department. The address and details of the payment can be found on the invoice. | |
| In-person | The payment can be made in person at the treasurer's office located in the City Hall building. The office hours are 8 am to 5 pm on weekdays. |
It is important to note that the property tax payment must be made in full by the due date. Failure to do so may result in a penalty or interest charges. If you have any questions about the property tax or payment methods, you can contact the treasurer's office at (703)248-5046 or by email at treasurer@fallschurchva.gov.
If you have more questions - contact your local tax collector.
How is Falls Church City Property Tax penalty calculated ?
Falls Church City Property Tax Penalty Calculation
When it comes to paying property taxes in Falls Church City, Virginia, it is important to be mindful of deadlines and potential penalties for late payments. The city imposes a penalty on taxpayers who fail to pay their property taxes on time. Here's how the Falls Church City Property Tax Penalty is calculated:
- Late Payment Penalty: If the property tax bill is not paid in full by the due date, which is usually June 5th, a penalty of 10% of the tax is levied.
- Interest Rate: In addition to the late payment penalty, interest is also charged on any unpaid balance at a rate of 10% per year. Interest is computed from the date the tax becomes due until the date it is paid.
Example:
Let's say John owns a property in Falls Church City and his property tax bill amounts to $10,000 for the year. The due date for payment is June 5th, but he misses the deadline and pays on August 1st. Here's how the penalty and interest will be calculated:
- Late Payment Penalty: 10% of $10,000 = $1,000
- Interest: ($10,000 + $1,000) x 10% x (58/365) = $190.41
Therefore, John would owe the original tax amount of $10,000 plus a penalty of $1,000 and interest of $190.41, for a total of $11,190.41.
It is important to note that the penalty and interest charges can quickly add up, so it is advisable to pay property taxes on time to avoid unnecessary fees. If you have any questions regarding property taxes or the penalty calculation process in Falls Church City, you can contact the city's Treasurer's Office for assistance.
We recommend contacting the Falls Church City Tax Office or a local tax professional for the most up-to-date and accurate information.