The Real Estate Assessment Office determines the value of all property located within the City of Falls Church at full and fair market value as of January 1 of each year. This is done in accordance with Virginia Code to distribute taxes equitably among all taxpayers, at a real estate tax rate set by City Council each year to help fund the annual budget.
Notices of Reassessment are mailed during the first quarter of the year. Real estate tax bills are mailed in early May, after the City Council sets the tax rate in late April as part of the city budget process. If your property is financed through a mortgage, the tax bill will be mailed directly to your mortgage company. If a mortgage company is not handling your property taxes, you will receive a tax bill in May and November, as taxes are billed in two installments.
The Real Estate Assessor collects information from subdivisions, building plans, and permits obtained through city offices. Information also is obtained from deeds and wills filed properly with the Arlington County Clerk of the Court.
The Assessor's Office maintains a computerized history of each parcel of City property and produces an assessment land book each year, which includes ownership, deed and plat references, sales information, and house characteristics.
Determining the Value
To determine the value of any piece of property, the Assessor must determine:
Current capitalization rate
How much it takes to operate and maintain the property
What it would cost today to replace it
What properties similar to it are selling for
What rent it may earn
The assessed value of a property reflects changes in the local market. When those changes are identified and analyzed, the resulting individual assessments will reflect current market value and also be fair and equitable.