Fairfax County Homeowners Will See Higher Average Real Estate Assessment This Year

FAIRFAX, VA — Fairfax County residential property owners can expect to see a 9.57 percent increase in their real estate assessments this year, if the Board of Supervisors adopts the 2022 tax rate proposed Tuesday by Fairfax County Executive Bryan Hill. That equates to an average increase of $666 for every homeowner in the county.

Fairfax County mailed out nearly 357,000 real estate assessments on Tuesday. The increase means that the average assessment for all homes is $668,974, which is up from the average of $610,545 in 2021.

In total, 92 percent of residential properties in the county will see an increase in assessments due to market-driven factors that affect whether the value of a property rises or drops. Contributing to the increase are record low interest rates, high demand and low availability of homes. Only 2.8 percent of property owners will see the value of their properties decrease, while 5.2 percent will be unchanged.

Here is a breakdown of average home assessments based on property types:

• Condominiums – $320,940, up 3.98 percent
• Single-family detached homes – $807,450, up 10.86 percent
• Townhouse/duplex properties – $501,743, up 8.70 percent

Although most homeowners will be receiving higher estimated assessments this week, Hill recommended the Board of Supervisors either lower the proposed rate or mitigate the burden on homeowners by making cuts elsewhere.

Hill presented his advertised budget for fiscal year 2023 to the board on Tuesday morning. Hill's initial proposal was to keep the real estate tax rate at the same level, but he included a formula that gave the supervisors the option of cutting the proposed 2022 tax rate.