Property values here in Northern Virginia have been declining dramatically for the past two years. The Washington Post recently described Prince William County “as the epicenter of the region’s foreclosure trouble” and Manassas/Manassas Park as “a volcano.”
The silver lining to the housing woes, if you can call it that, is that as property values decline, tax bills plummet right along with them. A couple of months ago, we were thrilled to learn that we had overpaid into the tax escrow account for our mortgage and to receive a refund.
But bureaucrats don’t tolerate revenue declines for long — and they don’t typically address them by cuts to spending. Higher tax rates are the inevitable result.
Odds are good that property owners in Prince William will be hit with a jump in rates soon.