Prince William property owners will get a three-month extension on their real estate tax bills as a result of action the board of county supervisors took Tuesday.
The board voted unanimously to defer payments for the first half of annual real estate taxes – originally due today, July 15 -- until Oct. 15. The board took the action to provide relief to county businesses and residents affected by the COVID-19 pandemic.
"The board is doing what it can to help our residents through these challenging times," Board Chair Ann Wheeler, D-At Large, said in a statement. "We will continue to examine options that allow us to support those in our community. We are all in this together."
The move applies to both residential and commercial properties.
In its vote, the board also waived $3.8 million in potential penalties and interest associated with the deferred payments, the statement said.
The move will not likely affect the county’s AAA bond rating with the three national ratings agencies because the county will have no problem meeting its debt payments, County Executive Chris Martino said during the meeting.
About 70% of the county’s real estate tax payments are made through escrow payments paid to mortgage holders, and those payments are expected to be made on time, Martino said.
The board's action does not apply to any delinquent taxes, penalty or interest that were due prior to July 15, nor does it mean that refunds are available for property owners who might have already paid their real estate tax bills for the first half of the year, the statement said.
For more information about taxes, tax rates and due dates, please visit pwcgov.org/tax.