(Washington, D.C. - WAMU) More than two years after adopting a plan to modernize Tysons Corner, the Fairfax County Board of Supervisors will decide Tuesday night whether to raise real estate taxes to help pay for the area's new transportation grid.
Both businesses and residential properties in Tysons Corner would be taxed to raise $250 million over 40 years to help pay for road improvements to accommodate expected population and job growth. Although commercial real estate developers are not objecting to the creation of this special tax district — they will benefit most from Tysons' growth — residential property owners are very unhappy.
While the board had contemplated making residential property owners exempt from the new taxes, that may not actually be possible, says Fairfax County Board Chairman Sharon Bulova.
"We were all a little bit surprised when we discovered that wasn't a possibility because of recent legislation at the state level," Bulova says.
At least one Virginia state lawmaker says he will introduce legislation to exempt residential properties or allow them to pay a lower tax rate. Bulova believes that would make it fair for apartment dwellers who don't stand to financially gain from future economic growth around the four planned Silver Line Metro stops in Tysons.
"If you are an existing residential homeowner, you are not going to be able to redevelop your property and you are not going to see the same kind of benefit as a developer," Bulova says.
The $250 million in new taxes is part of a total $2.3 billion needed to build a multi-modal transportation grid at Tysons Corner, county lawmakers say. Planners expect 100,000 people to live and 200,000 to work in Tysons Corner by 2050.