Community Corner
Residential Property Values Increase, Commercial Values Decrease For 2021
The City of Fairfax's overall property tax base grew slightly from 2020, despite a decrease in most areas of the city's commercial property.
03/05/2021
The City of Fairfax’s overall property tax base grew slightly from 2020, despite a decrease in most areas of the city’s commercial property sector due to the economic effects of the COVID-19 pandemic. Modest growth of residential property values, plus value attributed to commercial and residential new construction, added to the tax base — and helped offset the reduction of commercial values.
Find out what's happening in Fairfax Cityfor free with the latest updates from Patch.
Overall, the total assessed value of all city residential and commercial property increased 3.2 percent. Residential property values increased 5.3 percent overall, while commercial property values decreased by 0.6 percent.
Excluding value added for commercial and residential new construction, total assessed value increased slightly, 0.5 percent, residential assessments increased 3.7 percent, and commercial assessments decreased 5.3 percent.
Find out what's happening in Fairfax Cityfor free with the latest updates from Patch.
For 2021, the 3.7-percent increase in residential property value increased the average single-family property from about $522,200 to $541,500. Approximately 91 percent of residential property owners saw their assessed value increase while the remainder were unchanged, equalized or declined. Residential single-family properties include condominiums, duplexes/duets, townhouses, single-family attached and detached homes.
Real estate taxes provide 50 percent of total city General Fund revenues. The city’s real estate tax base is comprised roughly of residential (65 percent) and commercial (35 percent) of total property assessments. Learn more about the city’s proposed budget for the upcoming fiscal year, and the current (and past) budget: visit the budget webpage at fairfaxva.gov/budget.
Assessment notices will be mailed on March 5 to Fairfax City property owners. Assessment information will be available online Saturday, March 6, 2021.
Learn more about City of Fairfax property assessments on the Real Estate Assessment Process FAQ page.
Look up your 2021 property assessment (available online on Saturday, March 6)
This press release was produced by the City of Fairfax. The views expressed here are the author’s own.
