The Washington Examiner is reporting today that the Northern Virginia Transportation Authority is expected to slash its revenue estimates for seven new taxes and fees because of the region?s economic downturn.
"More than half of the $336 million slated for road and rail projects is set to come from a tax on property sales, which are plummeting across the region.
"January home sales are down more than 50 percent from last year in the region?s two largest residential markets, Fairfax County and Loudoun County, diminishing projections for the property sales tax, or grantor?s tax, originally expected to generate $171 million this year.
The article adds that it is not clear how much the authority will have to lower its expectations, but officials already are expecting a drop below $300 million and have vowed to continually monitor the projections.
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