How Business Success Helps Residential Tax Rates

Brian Tinsman
Digital Properties Manager

 

Updated estimates from the U.S. Census show that Loudoun is growing by 31 residents per day, a rate that has kept Loudoun among the fastest growing counties for years.

That’s more than 11,000 new residents between July 2015 and 2016, a rate faster than anywhere else in the Commonwealth of Virginia and 16th fastest in the U.S.

Just in the national capital region, Loudoun County trails only Washington, D.C. for population growth since 2010 (73,634) and leads by a wide margin in percentage growth (23.58%):

For reference, the total population growth since the last census roughly matches the population increase in the state of Ohio, which grew by 77,648 people in the same time span.

An increase in population necessitates infrastructure growth, from public schools and public safety to public roads. Needs like these often drive up the personal property tax rate, but not this year.

After holding the tax rate steady for two years, the Loudoun County Board of Supervisors voted to decrease the property tax rate per $100 of assessed value by 2 cents, from $1.145 to $1.125. That decrease was made possible by historic commercial investment in the county.

“That’s major money coming in the doors that previously wasn’t coming in,” Buona said during a recent budget meeting. “We’re now reaping the benefits of all the investments we made [in economic development].”

Buona specifically cited the data center sector, which generated $25 million in county tax revenue five years ago, and today generates at least $150 million.

From a more-universal perspective, Loudoun has attracted $2.74 billion in the first nine months of the fiscal year that started last July, bringing the total commercial investment in Loudoun to more than $6 billion in the last three years. That’s more than any other county in Virginia, and any other county of our size in the U.S.

“I think this one is a big victory,” Buona said. “This [budget] we really were able to accomplish a lot, really take care of some critical needs, fund almost everything — and cut taxes. How often do you get to say all of those things?”

This is the guiding principle behind #LoudounPossible: making business and personal success possible in Loudoun County. If you’d like to discuss opportunities to start or grow your business in Loudoun, email us today or call 1-(800)-LOUDOUN.

 

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