The total taxable assessed value for all properties in the city, as of January 1, 2018, is $4,144,519,800 ($4.1 billion), a 3.4 percent increase from January 1, 2017. New construction (valued at $36.1 million) accounts for 26.5 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 20.
Residential new construction accounted for $33.9 million of growth; commercial new construction account for $2.2 million of growth.
Overall commercial property values increased 3.57 percent since January 2017 and multi-family property values decreased 0.61 percent; overall residential real estate values increased 3.91 percent over the last year.
Single family homes and townhouses had varying changes but were up overall by 4.66 percent and 2.62 percent respectively. Residential condominiums had varying changes but overall increased by 1.67 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 December 5, 2018 and June 5, 2019; property owners will receive bills prior to these dates.
The real estate tax rate will be determined on April 23, 2018, when the Falls Church City Council adopts the Fiscal Year 2019 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 26, April 9, and April 23 at 7:30 p.m. in the Community Center (223 Little Falls St.). To see the complete budget schedule, visit www.fallschurchva.gov/Budget.
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 23, 2018, for an Office of Real Estate Assessment review and Friday, June 1, 2018 for a Board of Equalization review. More information about the assessment review process is available at www.fallschurchva.gov/AssessmentProcess.