Those of you who live in Fairfax County should have recently received your real estate tax assessment.
For a large number of you (76%!), the assessment went up. And, well, that will likely mean higher taxes this year (the Board of Supervisors will set the 2019 tax rate later this spring, but if the past predicts the future, what you pay will increase either because of an increased tax rate or because your assessment increased). On average, assessments are up 3.6%.
However, the assessments did not rise as much as the previous year in part because values did not rise as much. While 2017 saw a 4.21% increase in median sold price in Fairfax County, 2018 was slightly lower at 3.03%.
(If you have not received your notice yet, you can check your Fairfax County assessment value online)
Here are some overall stats from Fairfax County:
Of the 354,695 taxable parcels in Fairfax County:
- 294,520 have an assessment change
- 60,175 have no assessment change
Here’s the breakdown of average home property assessment by property type (averages are not necessarily indicative of individual properties or neighborhoods):
- Single family-detached homes – $673,407, up 2.17%
- Townhouse/duplex properties – $422,490, up 3.12%
- Condominiums – $272,914, up 2.98%
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.
Assessed 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 The Belt Team 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!