Real Estate Values Increase Slightly in 2019
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.
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.