Real Estate Assessments Up 11.4% For Falls Church Property Owners

FALLS CHURCH, VA — The total taxable assessed value of properties in the City of Falls Church increased by 11.42 percent, primarily due to a jump in residential real estate sale prices, according to the city.

The real estate assessments in Falls Church will be higher than in neighboring Fairfax County, where residential property owners can expect to see a 9.57 percent increase in their real estate assessments.

Assessment notices will be mailed to property owners by March 25. Updated assessment information will be posted on the city’s website by Monday, March 21.

The notices are not tax bills. Property tax payments will be due in two installments: on Dec. 6, 2022, and June 5, 2023. Property owners in Falls Church will receive bills prior to those dates.

In anticipation of the projected assessed value growth, the Falls Church City Council directed the city manager in December to provide options for real estate tax rate reduction to mitigate the financial burden on homeowners. The City Manager plans to present a proposed fiscal year 2023 budget on March 28.

The real estate tax rate will be set on May 2, when the Falls Church City Council adopts the fiscal year 2023 operating budget and capital improvements program and sets the tax rate.

Public hearings on the budget will be held on April 11, April 25, and May 2 at 7:30 p.m.

Overall residential real estate values increased 13.72 percent from January 2021 to January 2022. Single family homes saw their assessment increase by 14.43 percent and townhouse assessments were up 11.60 percent. Condominium values increased by 12.31 over 2021, according to the city.

Commercial property values increased 5.73 percent since January 2021, and multi-family property values increased 12.39 percent over the last year.

The total taxable assessed value for all properties in Falls Church, as of Jan. 1, 2022, is $5,093,848,600, an overall increase of 11.42 percent from January 1, 2021.

New construction, valued at $34.6 million, accounted for 6.6 percent of the increase in assessed value. Residential new construction accounted for $18.1 million of growth, while commercial new construction accounted for the remaining $16.5 million.

Individual assessments will be mailed in late March. Homeowners with questions can contact the Office of Real Estate Assessment at 703-248-5022.

The deadline for homeowners to appeal an assessment is Friday, April 29 for an Office of Real Estate Assessment review and Friday, June 3 for a Board of Equalization review.

Residents can visit the Falls Church City website for more information about the assessment review process.