At a time when tax revenues in Fairfax County have become tightened – in part caused by reduced commercial demand in some areas, and in part due to a slowed population growth in the region as a whole – Tysons has remained a bulwark of stable economic activity for the county.
It is true that Tysons remains both an economic engine for the county, and state as a whole, but it is also a major contributor to our tax revenue that helps to pay for schools, police, parks, and other public programs. These revenues come in many forms, from the sales tax revenue generated by the major retail centers in Tysons, from the corporate and payroll taxes that come from the over 100,000 employment positions in Tysons, and from real estate taxes on the properties within Tysons.
On that latter front, 2016 will be a record year for Tysons, having increased in assessed tax value by over 8%. This significant increase is largely due to the completion – or near completion as of the assessment date – of several high rise projects including: 1775 Tysons Boulevard, Nouvelle Apartments, Tysons Corner Center Phase I, and the renovation at 7900 Westpark. These properties combined generated 331 million dollars in additional tax assessment value since 2015 through redevelopment, accounting for nearly 4 million dollars in additional tax revenue for Fairfax County.
There were also significant assessed value increases at high rise projects underway including the Garfield parcel at Scotts Run South, redevelopment at the Commons of McLean, Capital One, and anticipated development at Arbor Row and the Boro.
In total Tysons assessed values rose from 12.2 billion dollars to 13.2 billion dollars over the past calendar month. Since 2010, the year the Tysons Comprehensive Plan was approved, values in Tysons have increased 44.1%, generating over 50 million dollars in additional real estate tax revenue to Fairfax County.
Given the continued investment in construction, and several announcements already this year of new corporations moving to town, it appears the Tysons engine has been tuned up and is ready to run like a race-car for the foreseeable future.