Real Estate Assessments Up 9.57% For Most Fairfax Homeowners

Reston VA

22 February, 2022

12:08 PM

Description

FAIRFAX, VA — Fairfax County residential property owners can expect to see a 9.57 percent increase in their real estate assessments this year. That equates to an average increase of $666 for every homeowner in the county. Fairfax County mailed out nearly 357,000 real estate assessments on Tuesday. The increase means that the average assessment for all homes is $668,974, which is up from the average of $610,545 in 2021. In total, 92 percent of residential properties in the county will see an increase in assessments due to market-driven factors that affect whether the value of a property rises or drops. Contributing to the increase are record low interest rates, high demand and low availability of homes. Only 2.8 percent of property owners will see the value of their properties decrease, while 5.2 percent will be unchanged. Here is a breakdown of average home assessments based on property types: Condominiums – $320,940, up 3.98 percentSingle-family detached homes – $807,450, up 10.86 percentTownhouse/duplex properties – $501,743, up 8.70 percentAlthough most homeowners will be paying more this year on the assessments they'll receive this week, County Manager Bryan Hill recommended the Board of Supervisors carve out some relief for homeowners next year. Hill presented his advertised budget for fiscal year 2023 to the board on Tuesday morning. Hill's initial proposal was to keep the real estate tax rate at the same level, but he included a formula for the supervisors to cut the tax rate next year.