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Real Estate Values Increase Slightly in 2019

Post Date:03/01/2019 4:00 PM

residential real estate assessment map 2019In 2019, City of Fairfax real property owners will see a slight increase in their real estate assessments due to an in increase in property values, according to the Real Estate Assessment Office.

The average residential assessment is expected to increase about 0.8 percent, and average commercial real estate assessments are expected to increase an average of 0.4 percent. (Click here to view the map, left.)

Here are the anticipated average residential adjustments:

  • Existing single-family detached property assessments: +0.5 percent
  • Residential condominiums: +2 percent on average, ranging from 0-10 percent
  • Townhomes: +1 percent, ranging from 0-4 percent

 

Here are the anticipated average commercial adjustments:

  • Office buildings and commercial condominiums: -0.3 percent
  • Industrial & retail: +1-2 percent
  • Multi-family apartments: +3-4 percent

 

Residential real estate assessments constitute roughly 65 percent of all assessments, and commercial real estate assessments make up the balance (about 35 percent). Real property owners will receive their 2019 real estate assessments in early March.

Real estate assessments are made annually and are effective January 1. Virginia law requires that the assessed value of real property reflect fair market value as indicated by recent sales, income and expense data, cost data, and that it be equitable with the assessments placed on comparable properties. 

Click here for real assessment, sales information, assessment appeal forms, instructions, and other helpful information or call 703-385-7840.

 

Real Estate Assessments and the Annual Budget

Revenue from real estate taxes constitutes nearly half of the city’s income for municipal services and programs.

The Mayor and City Council set the real estate tax rate during the review of the City of Fairfax annual budget. On February 26, the city manager presented a proposed budget for the fiscal year 2019-20. The Mayor and City Council will discuss it and hold multiple public hearings through May 8, when the budget is adopted.

Click here for budget information — including the proposed budget, schedule of budget meetings and work sessions, and a copy of the budget for the current fiscal year.