In 2020, Fairfax County, Virginia, adopted an Economic Incentive Program (EIP) that, among other incentives, provides for a partial real estate tax abatement equal to the difference in value between the base value (predevelopment) and fair market value (post-development) for up to 10 years.
As noted in McGuireWoods’ prior legal alert, in addition to the tax abatement, eligible applications would receive expedited processing for zoning applications, site plan review and building plan review, as well as inclusion in the Land Development Services Project Management Program and a 10% reduction in site plan fees.
The next round of EIP area effective dates begins on July 1, 2024. The full list of EIP areas and tax abatement start dates are below.
- Bailey’s Crossroads/Seven Corners — July 1, 2022
- McLean — July 1, 2024
- Richmond Highway Corridor — July 1, 2024
- Springfield — July 1, 2024
- Annandale — Jan. 1, 2025
- Lincolnia — Jan. 1, 2025
McGuireWoods attorneys and land planners are happy to discuss eligibility, strategy and stakeholder engagement to maximize these potential incentives.