Adjustment of the district to the reducing tax exemption of the state

0
37
Adjustment of the district to the decreasing tax exemption of the state

The county regulators are preparing to change the county's tax laws after the General Assembly this year abolished local tax exemptions for large solar energy projects.

The change is necessary to comply with state law and continue to offer property tax exemption for large local solar projects. Loudoun County currently grants a 100% exemption from the estimated value of solar energy projects. The change affects projects with more than five megawatts, of which there is currently only one in Loudoun that has received a special permit.

The new law provides for an exemption of 80% for the first five years, an exemption of 70% for the second five years and 60% for all remaining years of service.

According to Finance Commissioner Robert S. Wertz, the exemption will give the county a total of $ 47,698 in revenue, including 105 residential solar projects totaling $ 39,664 and one commercial project exceeding five megawatts and totaling 8,034 USD. In 2020, the average residential property tax exemption saves the owner $ 377.75. Regulators forwarded the change to a public hearing on December 9th.