Young homebuyers may be affected as Vienna real estate taxes increase in July

Virginia

Fiscal year 2020 starts on July 1, and future residents of the town of Vienna will soon be paying higher real estate taxes.

According to data released by Vienna, real estate assessments increased by 4 percent overall in the last year. 

Property taxes are based on the value that the assessor puts on the property, multiplied by the tax rate. Director of Finance and Treasurer Marion Serfass says the town of Vienna has been able to hold the tax rate steady in the past couple of years. “Because this is a desirable location the values of the properties have gone up,” said Serfass. “So we get a little more tax revenue from holding the tax rate the same while the property values increase.”

Serfass says the rate isn’t increasing at a rate that should be alarming to Vienna property owners; however, she says it could impact millennials and young homebuyers looking to move to the town.

“What we’re trying to work on is more multi-family housing in the commercial development to diversify our housing stock,” said Serfass. Examples of these homes include condominiums and apartments. 

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