Partial Tax Exemption Offered for Renovated Homes in City of Fairfax

Release:

Residents who plan to substantially upgrade their older residences may be eligible for a partial real estate tax exemption.

The exemption amount is based on the increased value of the residence that has been substantially rehabilitated, renovated or replaced. Exemptions are given for a 10-year period, with a 100 percent exemption of the increased value for the first five years then a decreasing percentage for years six through 10.

The residential structure — single-family house or duplex — must be at least 15 years old. The improvements must increase the assessed value by at least 15 percent. The homeowner must obtain appropriate building permits and inspections during the home improvement process.

Applicant must apply for the exemption before any construction begins (preferably as soon as any required building permits are granted).

The city assessor will establish the base value of the home before construction begins, and approve the exemption upon final inspection after construction is finished.

This program will be discontinued January 1, 2015. For information, call 703-385-7840.

Patch file photo.