2023 Real Estate Assessments Reflect Ongoing Growth In Fairfax City

Press release from the City of Fairfax :

02/27/2023 2:59 PM

Reflecting a stable market for residential and commercial property types plus value attributed to commercial and residential new construction, the City of Fairfax’s overall real property tax base grew 5.2% from 2022.

Excluding value added for commercial and residential new construction, total assessed value increased 2.1% percent. Residential assessments increased 2.3% percent and commercial assessments increased 1.7% percent.

For 2023, the average single-family property increased from approximately $589,000 to $602,400. Approximately 60% of residential property owners saw their assessed value increase while the remainder were unchanged or equalized. Residential single-family properties include condominiums, duplexes/duets, townhouses, single-family attached, and detached homes.

Real estate taxes provide almost 50% of total city general fund revenues. The city’s real estate tax base is comprised of residential (65.9%) and commercial (34.1%) of total property assessments. Learn more about the city’s proposed and current budgets.

The city assesses all real property at 100% of fair market value, as of January 1 each year as required by state law. 2023 assessments will be used to apply the real estate tax rate set by City Council on May 2. Real estate tax payments are due to the City Treasurer June 21 and December 5 of each year.

Assessment notices will be mailed, Friday, March 3, 2023, to City of Fairfax property owners. Assessment information will be available online Friday, March 3, 2023.

Learn more about real property assessments in the City of Fairfax.

Look up your 2023 property assessment (Available online Friday, March 3, 2023)

This press release was produced by the City of Fairfax. The views expressed here are the author’s own.