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Saturday, February 20, 2016

Real estate assessments up 1.6 percent

The average assessment for homes in Annandale is up 1.89 percent.
More than half of residential real estate in Fairfax County (55 percent) increased in value over the year due to equalization, with an average increase of 1.64 percent.

The county is in the process of mailing homeowners updated real estate assessments for 2016. You can also check your assessment online.

Single-family detached homes have an average assessment of $632,507, which is an increase of 1.69 percent over 2015. Average assessments are $392,951 for townhouses (up 2.05 percent) and $261,792 for condominiums (up 0.73 percent).

In the Annandale zip code area, the average residential assessment for 2016 is $444,426, up 1.89 percent from 2015. The biggest increase is in Falls Church (3.17 percent), and the smallest is in Fairfax Station (0.63 percent). No zip code area had a decline in value.

Averages, however, are not necessarily indicative of individual properties. Assessments for homes are based on several factors, such as sales in the neighborhood, rezoning, the size and age of the property, and remodeling.

Commercial and other non-residential assessments increased 2.87 percent on average due to equalization.

A real estate assessment notice is not a bill. Most homeowners pay real estate tax as part of a monthly mortgage payment. For homeowners who pay taxes directly to the county, the payments are due July 28 and Dec. 5.

The tax levy amount shown on the notice is an estimate because the Board of Supervisors has not yet adopted tax rates for 2016.

The budget proposed by Fairfax County Executive Ed Long calls for a 4-cent increase (per $100 of assessed value) in the FY 2017 real estate tax rate, which would take effect July 1, 2016.

People 65 and older or totally disabled and meet certain income limits can apply for tax relief. The deadline to apply is April 1. Disabled veterans, regardless of income, and surviving spouses of veterans can apply for tax exemptions.

Visit the Fairfax County Department of Tax Administration website to learn more about real estate assessments. If you have specific questions about your assessment, contact the department online.

2 comments:

  1. That's a drag. Mine went up almost 4%, but that's an improvement on 5% and 8% the two years prior. It'd be nice if the assessments were locked in for five or so years, unless they go down. It is a relatively small increase easy month, but does make the budget a little less flexible..

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  2. If anyone needs information to fight their assessment, I am happy to send recent sales information to support your case.

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