By Denise Dunbar | ddunbar@alextimes.com

City Council established the maximum tax rate to be advertised for residential and commercial real property and personal property at a legislative meeting on March 14. Council gave initial approval to an advertised maximum rate of $1.12 per $100 of assessed valuation on residential, commercial and industrial property for calendar year 2023, which if enacted, would be a 1 cent increase in the tax rate from last year.

The FY2024 proposed budget reflects a real estate tax rate of $1.11, with an alternative budget with a $1.12 tax rate. These totals include the continued dedication of 1 cent for affordable housing and the continued reservation of 2.2 cents of the real property tax rate for transportation projects.

Because of the rising assessed value of existing residential property, tax bills will rise by 4.26% even if the rate stays at $1.11 per $100 of assessed value. At a rate of $1.11, the average residential property tax bill in Alexandria in CY2023 would be $7,546.89. The ordinance is scheduled for a public hearing and second reading on April 25 and final passage on May 3.