Multifamily Rental Values Jump, Other Residential Increases Lower In Falls Church

FALLS CHURCH, VA — City of Falls Church property values continue to increase overall, although the increase wasn't as significant as the previous year. But one type of property saw a higher increase.

According to the city government, total taxable property increased 4.64 percent from Jan. 1, 2022 to Jan. 1, 2022. Last year, overall taxable property increased 11.42 percent.

The city's overall tax base is $5,329,726,700, an increase of $236.11 million from last year. Real estate is assessed at 100 percent of fair market value, as required by Virginia law.

Assessment increases vary by property type. Residential property values overall increased 3.5 percent. Single-family homes overall increased 4.03 percent, while townhouses increased 5.86 percent. Residential condominiums had varying value changes but overall decreased 1 percent.

Overall commercial property values increased 7.67 percent, largely driven by multifamily residential rentals increasing 32.12 percent. That multifamily increase was more significant than the 12.39 percent increase reported last year.

New construction contributed to 24.4 percent of the increase in taxable property. Of the $57.56 million in taxable new construction, residential new construction accounted for $10.15 million, while commercial accounted for the remaining $47.41 million.

Property owners' real estate assessments factor into their real estate tax bills due on Dec. 5, 2023 and June 5, 2024. That bill will also depend on the real estate tax rate set by City Council during the budget process. The current real estate tax rate is $1.23 per $100 of assessed value.

City Council will adopt the city's fiscal year 2024 budget on May 8. Public hearings will be held on April 10, April 24, and May 8 at 7:30 p.m.

Property owners will receive their property assessment notices in the mail before the end of March. Updated assessment information will also be on the city's website by Feb. 27.

Homeowners who disagree with their property assessment can appeal to the assessor or Board of Equalization. Deadlines are April 17 for an Office of Real Estate Assessment review and June 2 for a Board of Equalization review. The burden of proof is on the property owner, who must prove their property's market value is "inaccurate or unfair," according to the city.