Fairfax Board Approves Tysons Tax District
Businesses and residents will pay 7 to 9 cents more per $100 of assessed value, generating $253 million over the next 40 years.
The Fairfax County Board of Supervisors voted Tuesday to increase property taxes on Tysons residents and developers as a means of partially funding billions of dollars in transportation infrastructure that will help turn the area into the county’s walkable, mixed-use downtown center. The decision, which passed by an 8-2 vote, came about a month after a two-hour public hearing in which many angry Tysons residents objected the tax hike. With an expected increase of between 7 and 9 cents per $100 of assessed value, the district is expected to generate $253 million over the next 40 years. The exact rate will be set during the adoption of the county’s Fiscal Year 2014 budget in April. After a rate is set, tax collection in the new district …
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Ana Hamdi
12:25 am on Tuesday, January 15, 2013
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