FY 25 Budget Q&A #015: At current tax relief program levels, what is the projected amount not collected currently each year (tax relief granted) and what would that figure be at the increased levels under consideration?

Question: At current tax relief program levels, what is the projected amount not collected currently each year (tax relief granted) and what would that figure be at the increased levels under consideration? (City Council)

Response:

Real estate tax relief for the elderly and disabled ($3 million), and veterans ($5 million) is estimated to cost $8 million in lost revenue in FY 2025. For each 1 cent increase in the tax rate, the tax relief amount would increase by approximately $72,000. 643 residents receive elderly and disabled tax relief and 556 receive veterans tax relief.

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City of Alexandria, VA

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FY 25 Budget Q&A #015: At current tax relief program levels, what is the projected amount not collected currently each year (tax relief granted) and what would that figure be at the increased levels under consideration?

Question: At current tax relief program levels, what is the projected amount not collected currently each year (tax relief granted) and what would that figure be at the increased levels under consideration? (City Council)

Response: