Real Estate Assessments Increase 3.4 Percent In Falls Church

FALLS CHURCH, VA—The City of Falls Church reports that real estate assessments are up 3.4 percent as of Jan. 1 compared to that time in 2017.

Property owners with higher assessments than last year will see their tax bills go up, regardless of the new real estate tax rate the City Council approves in April. Changes will vary by property, but here are the average assessment value changes by property type:

• Average single family property value: 4.66 percent increase
• Average townhouse value: 2.62 percent increase
• Average multi-family property value: 0.61 percent decrease
• Average condominium property value: 1.67 percent
• Average commercial property value: 3.57 percent increase

The City's Office of Real Estate Assessment calculates property values each year at 100 percent of the fair market value. Property owners will receive assessments in late February. These are not actual tax bills, which will be due Dec. 5, 2018 and June 5, 2019.

Residents can appeal the assessment if they feel it does not reflect the current market value, is not uniform with similar properties or is based on inaccurate property details. Assessment appeals are due by March 23 for review by the Office of Real Estate Assessment June 1 for review by the Board of Equalization.

About one quarter of the increase comes from new construction and the remainder from market appreciation. The city assessed an additional $33.9 million in new residential construction and $2.2 million in new commercial construction.

The city manager is expected to propose the fiscal year 2019 budget and Capital Improvements Program to City Council March 12. Public hearings are set for March 26, April 9, and April 23 at 7:30 p.m. in the Community Center (223 Little Falls Street). The new real estate tax rate would go into effect when a new fiscal year begins July 2, 2018.

In 2017, real estate assessments increased by 3.6 percent. The real estate tax rate increased by 1.5 cents for the current fiscal year, bringing it to $1.33 for every $100 of assessed value.

Visit www.fallschurchva.gov/Budget for more information on the budget process.

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