Fairfax County Real Estate Tax Assessments Versus Actual Market Value

If you live in Fairfax County, then you recently received your real estate tax assessment.

For many of you (45% to be exact), the assessment went up. And gosh darn it (that’s as strong as we can say it here on the blog!) – that will likely mean higher taxes this year. (The Board of Supervisors has not set the 2017 tax rate yet, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased.)

The good news is (in terms of taxes, not values) – assessments are up on average only 0.68%. (That’s less than one percent.)

The bad news is, assessments did not rise as much as the previous year in part because values did not rise as much. While 2015 saw a 3.23% increase in median sold price in Fairfax County, 2016 was flat (0.03%)

(If you have not received your notice yet, you can check your Fairfax County assessment value online.)


Here’s what Fairfax County reports overall:

Of the 353,695 taxable parcels in Fairfax County:

  • 232,280 have an assessment change
  • 121,415 have no assessment change

Here’s the breakdown of average home property assessments (averages are not necessarily indicative of individual properties or neighborhoods):

  • Countywide average for all homes – $533,168
  • Single family-detached homes – $639,468, up 1.10 percent
  • Townhouse/duplex properties – $398,166, up 1.37 percent
  • Condominiums – $260,617, down 0.32 percent

Map of average percentages of real estate assessments countywide.


Now. Truth be told – the assessments in Fairfax County are oftentimes LOWER than actual “market value” (meaning what a “willing Seller” and “willing Buyer” agree a property is worth by ratifying a contract to sell/buy that property.)

If you are thinking of buying a home in Fairfax County, don’t be deceived into thinking you will be able to buy a home for about what the County has assessed as the value of the property. We are often asked how a Seller could justify an asking price above the Fairfax County tax assessment. Well – here’s an example of why.

We track the tax assessment versus actual sales price on all homes that we sell. (Note: Our statistical pool may not be quite scientific, but since we have sold more homes in Fairfax County than almost any Realtor in the area – we think the results are at least representative.) Here’s what we found over the past years:

  • We saw wide swings in variance between assessed value and actual sales price: from homes selling for $102,100 below assessed value to homes selling for $201,700 above assessed value.
  • Approximately 95% of the homes actually sold for more than the assessed value.
  • Many homes show inaccurate info in the tax records – for example, finished basements are not shown, number of bedrooms may be incorrect, square footage may be off. And all of these things may cause a lower assessed value.

So, while there is often a correlation between assessed value and market value, the market value is almost always higher.

WHat Is My Home WorthAssessed value is just ONE factor to look at when buying or selling. A better place to start is with a FREE INSTANT online estimate. Then schedule an appointment with your Realtor for a custom estimate.

 

If you think your assessment is wrong, Fairfax County does have an appeal process. You can file an online appeal prior to April 3rd. More info here.

Also note that Seniors and People with Disabilities may be eligible for the county’s tax relief program. More info here.

If you have questions about your assessed value, the market value of your home or are thinking of buying or selling a home, give The Belt Team a call (703) 242-3975. We are happy to help you make the right move!

1928 Labrador Lane Vienna VA 22182 – Just Listed by The Belt Team – Open February 26th

1928 Labrador Lane Vienna VA 22182 was JUST listed by The Belt Team and is OPEN SUNDAY, February 26th 1-4 PM. Here’s a sneak peek:

Price and LOTS more photos of 1928 Labrador Lane Vienna VA 22182

Call Kevin Kleifges & The Belt Team at (703) 242-3975 to schedule a showing!

Recently expanded colonial in Eudora. 2875 fin sqft above grade. Gorgeous master suite addition on upper level, with office & spacious laundry/mud room on main level. Newer roof, HVAC, windows & kitchen, hardwoods on main level & master bedroom. Great outdoor entertaining space including a screened porch, hardscaped patio & large Trex deck with hot tub. Finished lower level with wet bar. Great Vienna location, great schools & easy commuting!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! Special info for Vienna Home Sellers.)

WHat Is My Home Worth

 

 

 

 

Homes For Sale in Eudora

Homes For Sale in Eudora

 

11603 Stoneview Square 21C Reston VA 20191 – Just Listed by The Belt Team

The Belt Team has just listed a lovely condo in Shadowood at 11603 Stoneview Square 21C Reston VA 20191. Here’s a sneak peek:

More info, price & additional photos of 11603 Stoneview Square 21C Reston VA 20191

Delightful updated 3 bedroom, 2.5 bath condo in Shadowood. Great Reston location! Features include new carpet throughout, updated kitchen with stainless steel appliances, granite & tile floor, updated baths, crown molding, in-unit washer/dryer and private back balcony! Enjoy all the amenities Reston has to offer…trails, outdoor pools, tennis courts & more! Close to the Silver Line Metro & other commuter options!

Call Kevin Kleifges & The Belt Team at (703) 242-3975 to schedule a showing!

Search Reston Condos Under $200,000

Search Reston Condos $200,000 – $225,000

Reston Condos For Sale

1006 Hillcrest Dr SW Vienna VA 22180- Listed by The Belt Team – Open February 26th

1006 Hillcrest Drive SW Vienna VA 22180 is listed by The Belt Team and is OPEN SUNDAY, February 26th 1-3 PM. Here’s a sneak peek:

Price and LOTS more photos of 1006 Hillcrest Drive SW Vienna VA 22180

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Gorgeous new build by Dominion Associates – 25 year top Vienna builder! Great lot & fabulous close-in Vienna location! Hardiplank,stone, front porch & back deck. Top quality design and finishes!!! 6 bedrooms, 5 baths, stunning cinnamon hardwoods & architectural moldings/details. Lower level with large rec room, wet bar, bedroom & theater room! Excellent schools, close to Vienna Metro & “downtown” Vienna!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! Special info for Vienna Home Sellers.)

WHat Is My Home Worth

New Homes Vienna VA

New Homes For Sale Vienna VA

2850 Willowmere Woods Dr Vienna VA 22180- Just Listed by The Belt Team – Open February 26th

2850 Willowmere Woods Dr Vienna VA 22180 is listed by The Belt Team and is OPEN SUNDAY, February 26th 1-4 PM. Here’s a sneak peek:

Price and LOTS more photos of 2850 Willowmere Woods Dr Vienna VA 22180

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Beautifully updated on a  fantastic private cul de sac lot backing to open space. Open floorplan including 4 bedrooms, 3.5 baths, 2 fireplaces, dramatic two-story foyer, decorative moldings, gorgeous hardwoods, high ceilings, loads of natural light, eat-in kitchen with stainless steel appliances, separate dining room & main level office. Finished walkout lower level features a large rec room, wet bar, fireplace & bonus room. Fabulous back deck, patio & gazebo! Close to everything including METRO & Mosaic District!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! Special info for Vienna Home Sellers.)

WHat Is My Home Worth

 

 

 

 

Homes For Sale Near Metro

The Impact of Homeownership on Civic Involvement

Here’s a fascinating new update from Keeping Current Matters:
The Impact of Homeownership on Civic Involvement | MyKCM

The National Association of Realtors recently released a study titled ‘Social Benefits of Homeownership and Stable Housing.’ The study confirmed a long-standing belief of most Americans:

“Owning a home embodies the promise of individual autonomy and is the aspiration of most American households. Homeownership allows households to accumulate wealth and social status, and is the basis for a number of positive social, economic, family and civic outcomes.”

Today, we want to cover the section of the report that quoted several studies concentrating on the impact homeownership has on the civic participation of family members. Here are some of the major findings on this issue revealed in the report:

  • Homeowners have a much greater financial stake in their neighborhoods than renters. With the median national home price in 2015 at $223,900, even a 5% decline in home values will translate into a loss of more than $11,195 for a typical homeowner.
  • Because owners tend to remain in their homes longer, they add a degree of stability to their neighborhood.
  • Homeowners also reap the financial gains of any appreciation in the value of their home, so they also tend to spend more time and money maintaining their residence, which also contributes to the overall quality of the surrounding community.
  • Homeowners were found to be more politically active than renters with 77% of homeowners saying they had at some point voted in local elections compared with 52% of renters.
  • There seems to be a greater awareness of the political process among homeowners. About 38% of homeowners knew the name of their local school board representative, compared with only 20% of renters.
  • There is a higher incidence of membership in voluntary organizations and church attendance among homeowners.
  • Homeownership does create social capital and provide residents with a platform from which to connect and interact with neighbors.
  • Owning a home means owning part of a neighborhood, and a homeowner’s feelings of commitment to the home can arouse feelings of commitment to the neighborhood, which, in turn, can produce interactions with neighbors.

Bottom Line

People often talk about the financial benefits of homeownership. As we can see, there are also social benefits of owning your own home.

*Next Thursday, we will report the study’s findings on the impact homeownership has on a family’s health.

WHat Is My Home Worth

1006 Hillcrest Dr SW Vienna VA 22180- Just Listed by The Belt Team – Open February 19th

1006 Hillcrest Drive SW Vienna VA 22180 is listed by The Belt Team and is OPEN SUNDAY, February 19th 1-4 PM. Come FALL IN LOVE!

Here’s a sneak peek:

Price and LOTS more photos of 1006 Hillcrest Drive SW Vienna VA 22180

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Gorgeous new build by Dominion Associates – 25 year top Vienna builder! Great lot & fabulous close-in Vienna location! Hardiplank,stone, front porch & back deck. Top quality design and finishes!!! 6 bedrooms, 5 baths, stunning cinnamon hardwoods & architectural moldings/details. Lower level with large rec room, wet bar, bedroom & theater room! Excellent schools, close to Vienna Metro & “downtown” Vienna!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! Special info for Vienna Home Sellers.)

WHat Is My Home Worth

New Homes Vienna VA

New Homes For Sale Vienna VA

Ready to Build Your Dream Home? Lot Near Metro Just Listed!

Lot For Sale Near Metro

JUST LISTED!

$595,000

Fantastic location near Dunn Loring Metro, Tysons Corner and W&OD Trail.  Flat, vacant, residential building lot just subdivided, recorded  and ready to build your dream home!

(House next door is not included and not part of available lot.)

Call Terry Belt at (703) 242-3975 for more info!

1006 Hillcrest Dr SW Vienna VA 22180- Just Listed by The Belt Team – Open February 12th

1006 Hillcrest Drive SW Vienna VA 22180 is listed by The Belt Team and is OPEN SUNDAY, February 12th 2-4 PM. It’s almost Valentine’s Day. Come FALL IN LOVE!

Here’s a sneak peek:

Price and LOTS more photos of 1006 Hillcrest Drive SW Vienna VA 22180

Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a showing!

Gorgeous new build by Dominion Associates – 25 year top Vienna builder! Great lot & fabulous close-in Vienna location! Hardiplank,stone, front porch & back deck. Top quality design and finishes!!! 6 bedrooms, 5 baths, stunning cinnamon hardwoods & architectural moldings/details. Lower level with large rec room, wet bar, bedroom & theater room! Excellent schools, close to Vienna Metro & “downtown” Vienna!

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in Vienna this year. The Belt Team is Vienna’s #1 Real Estate Team. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average! Special info for Vienna Home Sellers.)

WHat Is My Home Worth

New Homes Vienna VA

New Homes For Sale Vienna VA

Lack of Homes for Sale Slowing Down the Housing Market

WHat Is My Home Worth

Here’s an update from “Keeping Current Matters” about the state of the national real estate market. In general, in Northern VA, we are seeing similar things to what KCM reports, but not in 100% of the areas. For most of you, this means it’s a GREAT time to sell!

Call Terry Belt & The Belt Team at (703) 242-3975 for more info on YOUR neighborhood.


Lack of Homes for Sale Slowing Down the Housing Market | MyKCM

The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up. Home sales are up. Distressed sales (foreclosures and short sales) have fallen dramatically. It seems that 2017 will be the year that the housing market races forward again.

However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.

Here are the thoughts of a few industry experts on the subject:

National Association of Realtors

“Total housing inventory at the end of December dropped 10.8%…which is the lowest level since NAR began tracking the supply of all housing types in 1999. Inventory has fallen year-over-year for 19 straight months and is at a 3.6-month supply at the current sales pace.”

Jonathan Smoke, Chief Economist for Realtor.com

“More than two-thirds of the markets are seeing less inventory now compared to a year ago.”

 Lawrence Yun, Chief Economist at NAR:

“The dismal number of listings in the affordable price range is squeezing prospective first-time buyers the most. As a result, young households are missing out on the wealth gains most homeowners have accrued from the 41% cumulative rise in existing home prices since 2011.”

 Sam Khater, Deputy Chief Economist at CoreLogic

“The lack of affordable supply is really driving up home prices.”

 Peter Muoio, Chief Economist at Auction.com

“Tight housing inventory remains a constraining factor limiting stronger sales growth… We expect further price growth to entice more homeowners to list their homes, particularly as existing homeowners have greater equity.”

Bottom Line 

If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.


Call Terry Belt & The Belt Team at (703) 242-3975 to schedule a FREE personalized consultation. Find out if your home is in a Seller’s Market or a Buyer’s Market!

WHat Is My Home Worth