City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 16, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE
DOCKET TITLE:
TITLE
Public Hearing and Second Reading of an Ordinance on the Proposed Real and Personal Property Tax Rates and Proposed Effective Tax Rate Increase for Calendar Year 2024 (Fiscal Year 2025).
BODY
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ISSUE: Consideration of the Real and Personal Property Tax Rates for Calendar Year 2024 (Fiscal Year 2025).
RECOMMENDATION: That City Council:
(1) Pass this proposed ordinance on first reading after establishing the tax rates to be advertised for residential and commercial real property and personal property; and
(2) Schedule this ordinance for second reading and public hearing on Wednesday, April 24 and final passage on Wednesday, May 1.
The maximum rates authorized by City Council in the attached ordinance reflect:
A base real estate tax rate on residential, commercial and industrial property for
calendar year 2024 of $ _ per one hundred dollars of assessed valuation. The FY 2025 proposed budget reflects a real estate tax rate of $1.11. Also included in the FY 2025 Proposed Operating budget is an alternative option with a one cent increase.
1. Assumed in this proposed amount is the continued dedication of 1.0 cents for affordable housing;
2. Assumed in the proposed amount is the continued reservation of 2.2 cents of the real property tax rate for transportation projects;
3. 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;
For all other taxes, the following rates are proposed:
4. A personal property tax rate on vehicles for calendar year 2024 of $ __ ...
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