To understand property taxes in your area and how they are going to be affected by all of this, you really have to take a closer look at where property taxes go. Most property taxes go to fund schools, emergency health and fire rescue services, and infrastructure projects needed by the county. When these property taxes are missing, every single thing that lots of people don’t think about paying becomes an issue. And they’re becoming an issue now with taxes being allowed to be delayed, and such a huge percentage of unemployment in specific areas. Although a lot of people can’t see this problem now, it’s definitely something people will be thinking a lot more and more when the county starts laying off a lot of teachers, or is unable to fix infrastructure all over.
So, what can be done?
How will this impact people who live in Fairfax County?
According to the revised coronavirus that impacted the economic budget of Fairfax county for 2021, there will be a lot of changes and a lot of them don’t seem to be in the best interest of the community. Although the tax rate of $1.15 per $100.00 for all evaluated real estate will remain the same, the school budget will have gone from 85.52 million to a little over 7 million. These drastic real estate changes will definitely affect property values and selling might get harder in the market.
With these types of real estate changes, tax foreclosures could definitely start to happen. With the tax payment deadline coming up, you might not be able to cover real estate taxes for this year, and there is little the government has done so far in order to help prevent tax foreclosures.
Virginia’s response to Covid-19 states:
“The law would allow U.S. government employees or employees of government contractors to request and receive a 30-day stay of foreclosure if they face foreclosure and can document reduced earnings from government sources as the cause of their inability to pay. “
Although there is a little flexibility for late property taxes being accepted, there has been no official suspensions of tax foreclosures in the Northern Virginia area. Evictions right now are not allowed, but once the states reopen you could face a tax foreclosure.
For Rob: Not a lot of information is being offered at this time about property taxes. My guess is that people will be taxed and there will be less flexibility to pay property taxes later within Fairfax County as it plans to make the majority of its tax money through real estate for the year of 2021. I predict a decent amount of tax foreclosures. I will update this document if more information comes in.