Virginia Headlines
Transportation Funding Debacle Leaves Prospects for Higher Real Estate Taxes Looming
With the Virginia General Assembly’s adjournment on July 9 with no significant legislation to raise funds for transportation, commercial real estate owners are vulnerable to higher real estate taxes in Northern Virginia . One of the few components of the 2007 transportation funding package upheld by the State Supreme Court was the authority for local governments in Northern Virginia to institute an additional tax of up to 25 cents per $100 assessed value on commercial real estate. With no other options on the table, local governments will increasingly look to the commercial real estate tax to bear the burden of funding new local transportation infrastructure costs. To date, only Arlington and Fairfax have adopted additional levies on commercial real estate, but it is also under consideration in Loudoun County .
