City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 8, 2017
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration. Passage on First Reading of an Ordinance on the Proposed Real and Personal Property Tax Rates and Proposed Effective Tax Rate Increase for Calendar Year 2017 (Fiscal Year 2018).
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ISSUE: Consideration of the Real and Personal Property Tax Rates for Calendar Year 2017 (Fiscal Year 2018).
RECOMMENDATION: That City Council will:
(1) Pass the proposed ordinance on first reading after establishing the tax rates to be advertised for residential and commercial real property and personal property; and
(2) Set the ordinance for public hearing on Saturday, April 22 and second reading and final passage on Thursday, May 4.
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 2017 of $ _ per one hundred dollars of assessed valuation. The FY 2018 proposed budget recommends a real estate tax rate of $1.10 to fund the base budget and presents a supplemental CIP with tax funding options for City Council consideration;
2. Assumed in this proposed amount is the continued dedication of 0.6 cents for affordable housing and the continued dedication of 0.5 cents for the storm water infrastructure trust fund account for the first half of Fiscal Year 2018;
3. Assumed in the proposed amount is the continued reservation of 2.2 cents of the real property tax rate for transportation projects;
4. A Special Services District tax is proposed to 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. A personal property tax rate on vehi...
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