View of Rosslyn skyline in Arlington County, where commercial property vacancies are cutting into property tax revenues. (Jeffrey MacMillan)The worsening commercial vacancy rate in Arlington County will require higher fees and $20.5 million in budget cuts and layoffs in the coming fiscal year, but the property tax rate can stay the same, county manager Mark Schwartz said Thursday. Residential property tax bills would increase an average of $297, because home values have grown 3.8 percent. “It’s the underlying challenge we face.”The commercial vacancy rate has been a persistent bugaboo in the past few years for Arlington, which strives to get half its property tax revenue from commercial owners. The tax rate is $1.006 per $100 of assessed value for both homes and businesses.

Source: Washington Post February 22, 2018 22:35 UTC