Falls Church Properties Value Overall Increases By 2.72 Percent

Falls Church VA

24 February, 2021

1:49 PM

Description

FALLS CHURCH, VA — City of Falls Church taxable property increased by 2.72 percent overall, according to newly-released 2021 assessments. Property assessments are based on 100 percent of fair market value as of Jan. 1, 2021. Residential real estate values increased 4.07 percent overall since last year, while commercial property values increased 0.57 percent and multifamily property values decreased by 2.78 percent. Property value for single family home and townhomes overall increased by 4.21 percent and 4.62 percent, respectively, and residential condominiums overall increased by 3.12 percent. While overall values increased, each of these property types had varying changes. New construction accounted for 60.58 percent of the increase in taxable property while market appreciation made up the rest. The total value of new construction was $72.68 million — $17.68 million from residential construction and $55 million through commercial construction. Property owners will receive city assessments in the mail starting in late February. Updated assessment information will be available on the city's website by March 2. Assessments will factor into real estate tax bills due on Dec. 6, 2021 and June 6, 2022. Tax bills will depend on the real estate tax rate set when City Council adopts the budget on April 26. The city manager is expected to present the fiscal year 2022 budget proposal in mid-March. Public hearings on the budget will be held on March 22, April 12, and April 26 at 7:30 p.m. If a property owner does not believe the assessed value reflects the value a home would sell for on the market, contact the Office of Real Estate Assessment at 703-248-5022. The deadline for assessment appeal for an Office of Real Estate Assessment review is April 2, for a Board of Equalization review is June 4, 2021.