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How pennies make millions
With respect to Loudoun's real estate tax rate, every penny does count, and then some.Just one cent of the recently adopted rate of $1.14 per every $100 of a home's assessed value will provide the county coffers with approximately $5.85 million in revenues to be spent on dozens of agencies, services and programs.
The biggest beneficiary is the public school system, which receives more than 70 cents out of the $1.14 for operations, debt service and capital projects.
In concert with real estate assessments sent out earlier this year, the tax rate determines how much money property owners pay the county. At $1.14, the tax increase over last year is estimated to be about $300 per taxpayer.
Of course, this is an average. The property assessments of many homes in the east went down this year, meaning their owners' tax hikes may not be as severe. However, mostly because of higher land values, many assessments in western Loudoun went up, meaning those residents will see higher tax hikes.
The Comprehensive Services Act listed on the graph sets aside money for programs that aid at-risk youth and their families.
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