City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 29, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
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Final passage of an Ordinance to Establish the Real Estate and Personal Property Tax Rates For Calendar Year 2016 (Fiscal Year 2017). [ROLL-CALL VOTE]
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ISSUE: Passage of the Real and Personal Property Tax Rates for Calendar Year 2016 (Fiscal Year 2017).
RECOMMENDATION: That City Council pass the proposed ordinance on Thursday, May 5, 2016.
The maximum rates authorized by City Council in the attached ordinance reflect:
1. A base real estate tax rate on residential, commercial and industrial property for calendar year 2016 of $ per one hundred dollars of assessed valuation. The FY 2017 proposed budget recommended $1.053 to fund the base budget. A $1.073 maximum rate was advertised;
2. Assumed in the amount is the continued dedication of 0.6 cents for affordable housing and the continued dedication of 0.5 cents for a stormwater infrastructure trust fund account;
3. Assumed in the amount is the continued reservation of 2.2 cents of the real property tax rate for transportation projects;
4. A Special Services District tax will continue to be levied on all real property located in the Tier I Potomac Yard Metrorail Station Special Services District at the current rate of $0.20 per one hundred dollars of valuation.
5. Tax rates on vehicles and on other classes of personal property will remain unchanged for calendar year 2016.
DISCUSSION: Under the requirements of The Code of Virginia ("The Code"), the City Council annually must establish real property and personal property tax rates for each calendar year. The Code also establishes certain advertising and public hearing requirements prior to the adoption of these property tax rates. One Code req...
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