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Property Tax Hikes Hit Across Northern Virginia

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Property taxes in Northern Virginia are on the rise.
Property taxes in Northern Virginia are on the rise.

In Virginia, local leaders are raising property taxes. 

Fairfax County has one of the highest tax rates in Northern Virginia—one dollar and 7.5 cents for every one hundred dollars of assessed value. Meanwhile, Arlington County has one of the lowest, one dollar and 0.6 cents. But, as Arlington County Board member Libby Garvey explains, it's not a steal for everyone.

"Of course, values are high here so the actual dollar amount of the taxes can be tough for people who have been living here for a long time. I've been in Fairlington since 1977 and, um, my house was worth a lot less then," she says.

Leaders in Alexandria are hitting taxpayers with the biggest increase in the region, adding four cents to the tax rate there, which will increase the average residential tax bill by $314 to almost $4,000. Frank Shafroth, the director of the Center for State and Local Leadership at George Mason University, worries what the impact of such a tax hike could be.

"Silicon Valley has become less competitive vis-à-vis Northern Virginia over the last decade. Is that at risk now because of the sequester?"

That's a question that will be difficult to answer until this fall, when Congress will once again take up the issue of the debt ceiling  and perhaps create some more certainty about what to expect for fiscal year 2015.

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