Real Estate Property Tax Rate Rising In Fairfax County

Fairfax Real Estate

Last week, the Fairfax County Board of Supervisors approved the Fiscal Year 2017 (Tax Year 2016) budget to include an increase of FOUR CENTS in the real estate property tax rate. This becomes effective July 1, 2016.

The last time the tax rate increased was in 2014 – from $1.085 per $100 of assessed value, to $1.09. That makes this year’s increase 8 times the last increase.

What does this mean for you and what will the new tax rate be?

  • Current Rate: $1.09 per $100 of assessed value
  • New Rate: $1.13 per $100 of assessed value

Here’s the calculation:

Your Assessed Value – Divided by $100 – Multiplied By $1.13 = Your Property Tax

So, if your home was valued at $800,000 last year, then you paid $8,720 in property tax. If your assessed value stayed the same this year, your new tax would be $9,040. (A small $320 increase.  However, 55% of homes in Fairfax County were also assessed at higher values this year than last year. So the increase is larger than it looks.)

Note: Assessed values and market values are not always the same.

Click here to find out the Fairfax County assessed value of your home.

Click here for an INSTANT online estimate of your home’s market value. Then call Terry Belt or Kevin Kleifges & The Belt Team at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!

Watch Out For Shark Infested Waters in the Real Estate Market

Wondering how the real estate market is faring? Take a look at this snapshot from Keeping Current Matters:

Home Sales November 2015 Real Estate

What’s most important in the infographic is the quote from Lawrence Yun. You see, sales in November 2015 were down from sales in November 2014. In our opinion, the real reason for this is TRID.

TRID (Truth-In-Lending RESPA Integrated Documentation – or as some Realtors call it, “The Reason I Drink”) is a new government regulation that affects people who are buying and selling homes. We won’t go into all the details (and there are a LOT of them), but the bottom line is that TRID is causing increased costs and delays in settlement. We expect that when numbers come out for December, that many of the expected November closings will show up.

That said – TRID is just another reason why it’s SO important for consumers to be represented by Realtors who do this every day and can help their clients navigate what often feel like shark infested waters. Part of what we do is manage all the details of the buying & selling process. We make sure deadlines are met, you are protected, and that you get where you want to go when you want to be there.

We have heard all kinds of horror stories about delayed closings – Buyers with their household belongings on trucks for days, staying in a hotel because their settlement was pushed back due to a TRID delay. Others where their mortgage loan lock-in expired, only  to have to pay hundred or thousands of dollars to extend the rate. Sellers who pack up and move out – but can’t get their money when they need it because the Buyer was held up by TRID.

Terry Belt Realtor The Belt TeamTerry Belt, CEO of The Belt Team says, “You don’t need to know all the ins & outs of TRID, but your Realtor does. Our advice to you – whether buying or selling a home – is to make sure to work with a seasoned real estate team – the best you can find. It’s in your best interests to use their years of experience and their immense resources to your advantage. When problems arise, and with new regulations like TRID it’s not unusual – you need someone with creativity & pull on YOUR side. The more homes a Realtor sells, the more likely they are to be a great problem solver. So ask for details when you’re interviewing your Realtor. (We even have a list of questions you should ask your Realtor!)”

Schedule an appointment with The Belt Team by calling (703) 242-3975.

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The Belt Team is one of the Top 20 Best Real Estate Agents in the State of Virginia (as named by Real Trends) and one of Washingtonian Magazines Best Realtors in 2015. Our mission statement is “Changing Lives For The Better”. If it’s time to change YOURS, call us at (703) 242-3975 TODAY. It’s our pleasure to help you make the RIGHT move.

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Real Estate Property Tax Rate Rising In Fairfax County

Fairfax Real Estate

Yesterday, the Fairfax County Board of Supervisors approved the Fiscal Year 2015 budget to include an increase of a half cent in the real estate property tax rate. This goes into effect July 1, 2014.

What does this mean for you and what will the new tax rate be?

  • Current Rate: $1.085 per $100 of assessed value
  • New Rate: $1.090 per $100 of assessed value

Here’s the calculation:

Your Assessed Value – Divided by $100 – Multiplied By $1.09 = Your Property Tax

So, if your home was valued at $700,000 last year, then you paid $7,595 in property tax. If your assessed value stayed the same this year, your new tax would be $7,630. (A small increase.  However, 88% of homes in Fairfax County were assessed at higher values this year than last year. So the increase is larger than it looks.)

Note: Assessed values and market values are not always the same. But the average sales price in Fairfax County rose more than 7% last year. Assessed values will likely continue to follow suit.

Click here to find out the Fairfax County assessed value of your home.

Call The Belt Team at (703) 242-3975. We’re happy to assist will ALL of your real estate needs!

Real Estate Grantor’s Tax Increases In Northern VA

Northern Virginia Real Estate Grantors Tax  Summer Real Estate Market in Northern VA

Effective July 1, 2013 – the Grantor’s Tax on homes sold in Northern Virginia will be going up. Any deeds presented to the Clerk of the Court for recordation on or after that day must reflect the higher fee. (This is a tax normally paid by Home Sellers, not by Home Buyers.)

  • Prior to July 1, the Grantor’s Tax is $1.00 per $1,000 of sales price (or assessed value if the value is higher than sales price.)
  • On July 1, the Grantor’s tax increases to $2.50 per $1,000 of sales price (or assessed value if the value is higher than sales price.)

So how does this affect you?

As an example, if are selling a home in Vienna, and the sales price is $800,000 (with an assessed value of $760,000):

  • Prior to July 1, you would pay $800.
  • If you settle and record on July 15, the tax would be $2,000!

The Belt Team has quite a few settlements this week (as is typical at the end of any month). In order to protect our Sellers from rising taxes and to save them money, we made sure to either negotiate settlement dates early in the week (to ensure recordation prior to July 1) or to work only with settlement companies who have track records of recording quickly.

I was recently reading comments in a private Northern Virginia Real Estate Facebook group that I participate in and this one popped up:

“Did I just miss this? It’s costing me an extra $2,000 on my next closing!”

The post linked to a notice about the change in Grantor’s Tax. The agent posting was selling a home for himself and was not aware of the change until this week. He is closing July 5th. If he had been aware of the change, he could have moved the closing up to this month and saved $2,000!

This is just another example of why you should always hire the best Realtor in Northern VA, preferably a team, who does a high volume of business, does it full-time and does it well. They are much more likely to be able to look out for YOUR best interests and save you both time and money!

Our mission is “Changing Lives For The Better – One Family At A Time!” How Can The Belt Team Help YOU?!