Real estate assessments rose an average of 0.68 percent from 2016 to 2017 for residential homes in Fairfax County. The average home is assessed at $533,168.
Residential assessments in Annandale rose an average of 1.32 percent, the second highest increase of any area except Burke. The average home value in Annandale is $451,164.
Assessments for single-family detached homes are up 1.10 percent for an average of $639,468. The average for townhouses is $398,166, up 1.37 percent. Condominiums are up 0.32 percent for an average of $260,617.
Nonresidential real estate values (commercial, industrial, and rental apartments) increased 1.85 percent on average due to equalization.
Property owners should have received their assessment information in the mail. You can also find it online.
The real estate assessment is not a tax bill. The estimated tax levy for 2017 shown on the statements mailed to homeowners is based on the 2017 assessment and the county’s 2016 tax rates. The Board of Supervisors hasn’t yet set a tax rate for 2017, and will do so as part of the budget process.
The proposed budget submitted by Deputy County Executive Ed Long doesn’t propose an increase in the tax rate. Last year, the supervisors increased the rate by 4 cents from $1.09 to $1.13 per $100 in assessed value.
Assessments are based on such factors as home sales in the neighborhood, sales volume, average number of days it takes to sell a home, improvements to the property, rezoning actions, new construction, size and age of the property, and amenities.