City Real Estate Assessments Increase by 3.6 Percent

From the City of Falls Church: The total taxable assessed value for all properties in the city, as of January 1, 2017, is $4,008,203,600 ($4.0 billion), a 3.6 percent increase from January 1, 2016. New construction (valued at $83.8 million) accounts for over fifty-nine percent of the increase in assessed value in the City, and market appreciation accounts for the remainder. City assessments will be mailed to property owners in late February. Updated assessment information will be posted on the City website by Tuesday, February 21.

Commercial new construction accounted for $56.4 million of growth; residential new construction account for $27.4 million of growth.

Overall commercial property values increased 5.91 percent since January 2016 and multi-family property values increased 6.74 percent; overall residential real estate values increased 2.59 percent over the last year.

Single family home and townhouses had varying changes but overall were up 3.2 percent and 1.43 percent respectively; and residential condominiums had varying changes but overall increased 0.93 percent.

As set forth in the Virginia Constitution, real estate is assessed at 100 percent of fair market value. The City's Office of Real Estate Assessment calculates property value annually using mass appraisal techniques that are standard in the real estate assessment industry.

Real Estate Taxes and Public Hearings
The notice of assessment is an appraisal of the fair market value of the property; it is not a tax bill. Property tax payments will be due in two installments on Dec. 5, 2017 and June 5, 2018; property owners will receive bills prior to these dates.

The real estate tax rate will be determined on April 24, 2017, when the Falls Church City Council adopts the Fiscal Year 2018 Operating Budget and Capital Improvements Program and sets the tax rate (more at www.fallschurchva.gov/Budget). Public hearings on the budget will be held on March 27, April 10, and April 24 at 7:30 p.m. in Council Chambers (300 Park Ave.) To see the complete budget schedule, visit here.

Assessment Appeals
Individual assessments are mailed in late February. After evaluating the assessment, homeowners wondering if their assessment is correct should ask the question, "Would my home sell for the assessed value if I put it on the market?" If the answer is "yes," the assessment is probably accurate. If the answer is "no," contact the Office of Real Estate Assessment at 703-248-5022 (TTY 711).

Deadlines for assessment appeals are Friday, March 24, 2017, for an Office of Real Estate Assessment review and Friday, June 2, 2017 for a Board of Equalization review. More information about the assessment review process is available here.

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