Update! Real Estate Property Tax to Remain Unchanged in Fairfax County

On May 12th, the Fairfax County Board of Supervisors approved the Fiscal Year 2021 budget.   They chose to keep spending levels the same as the FY 2020 budget because of the impact of the coronavirus pandemic. 

In April, a revised budget was proposed from the original presented in February (which included a 3% increase in Real Estate Tax rate) which took into consideration the effects of COVID-19 on the economy.  The FY 2021 budget approved this month has a Real Property Tax Rate of $1.15 per $100 of assessed value…the same rate in the FY 2020 Budget.  So, the current tax rate will also not change through the rest of this calendar year.

Click here to read the full FY 2021 Adopted Budget Package.

Current market conditions during COVID-19 are very similar to PRE-COVID-19…it still pays to be a seller, and buyers in many cases are still competing with multiple offer situations for homes priced correctly. But there remains opportunities for sellers AND purchasers given the historically low interest rates.

The Belt Team has been successfully and safely navigating the COVID-19 market for our buyer and seller clients this spring. So, if you need to sell your home, contact us NOW (703-242-3975) to help get your home ready and to make sure you don’t miss out on this market!  If you need to buy a new home, it is very important to work with an experienced agent who has adjusted to the COVID-19 situation and make your home buying dreams come true! 

Click here for an INSTANT online estimate of your home’s market value. Then give us a call at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!

Fairfax County Real Estate Tax Assessments Have Been Mailed!

Those of you who live in Fairfax County should be receiving your real estate tax assessment shortly.

For a large number of you (78.8%!), the assessment went up. And, well, that will likely mean higher taxes this year. On average, residential real estate assessments are up an average of 2.65%.

Note: the Board of Supervisors has not yet adopted the 2020 tax rate and will do so later this spring. On February 25th the 2021 Budget was presented to the Board and it included a 3% increase in Real Estate Tax Rate. So it is possible that what you pay will increase because of an increased tax rate AND because your assessment increased.

Assessments increased more from the previous year in part because values increased more. While 2018 saw a 3.03% increase in median sold price in Fairfax County, 2019 was higher at 4.90%.

(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 355,404 taxable parcels in Fairfax County:

  • 303,680 have an assessment change
  • 51,724 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 – $692,409, up 2.36%
  • Townhouse/duplex properties – $437,346, up 3.43%
  • Condominiums – $288,246, up 4.36%

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 May 1st. 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!

11338 Westbrook Mill Ln #304, Fairfax, VA 22030- Just Listed by The Belt Team

11338 Westbrook Mill Ln #304 was Just Listed by The Belt Team!

This spacious 2 level condo is full of natural light & has a perfect layout for living & entertaining!  Unit features 2 main level bedrooms, both with attached full baths & walk-in closets, and an upper level loft and half bath (makes a wonderful extra living space or 3rd bedroom!).  The kitchen has lovely granite countertops, a breakfast bar and gas cooking.  There is a separate dining room and large living room with soaring ceilings and a cozy fireplace.  This condo also includes an in-unit washer/dryer, additional storage closet, ceiling fans and a private balcony off the living room.  Don’t miss out on this rarely available 2 level condo in a fantastic Fairfax location!

Price, lots more photos & additional info 11338 Westbrook Mill Ln #304, Fairfax VA 22030

Call Terry & The Belt Team at (703) 242-3975!

Call Beth & The Belt Team at (703) 242-3975 if you would like to buy or sell  this year. (Sellers –  you’ll be interested to know that Belt Team Sellers sell FASTER and for MORE money than average!

9854 Oakdale Woods Ct. Vienna, VA 22181- Just Listed by The Belt Team – Oakton Cloisters!

9854 Oakdale Woods Ct. Vienna, VA 22181 was Just Listed by The Belt Team!

This updated 3 BR/2.5BA Townhome is in sought after Oakton Cloisters! Minutes from the metro! Features include newly remodeled kitchen with granite & SS appliances! Bright open floor plan with updated carpet upstairs. Updated HVAC, windows, and hot water heater. Two assigned parking spots and plenty of guest parking. Private neighborhood tucked away in an ideal location. Easy access to Chain Bridge, 66, 495 & more! Oakton HS!

Price, lots more photos & additional info 9854 Oakdale Woods Ct. Vienna, VA 22181.

Call Terry & The Belt Team at (703) 242-3975!

Call or text Terry & 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!

10563 James Wren Way, Fairfax, VA 22030- Just Listed by The Belt Team – Chancery Square!

10563 James Wren Way, Fairfax, VA 22030 was Just Listed by The Belt Team!

This luxury 2 car garage End Unit Townhome is in Fairfax City with all the bells & whistles! Exceptional features include high ceilings; custom accents; gas fireplaces; fabulous open floor plan w/palladian windows thru-out, hardwood floors, Chef Kitchen w/Corian countertops, 42″ cabinets & Island w/Nook to Deck, 2-sided Gas fireplace, and so much more. This property is move in ready!

Price, lots more photos & additional info 10563 James Wren Way, Fairfax, VA 22030.

Call Terry & The Belt Team at (703) 242-3975!

Call or text Terry & 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!

Fairfax County Real Estate Tax Assessments Have Been Mailed!

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!

5818 Colchester Road, Fairfax, VA 22030 – Listed by The Belt Team & Open July 2

5818 Colchester Road, Fairfax, VA 22030 is listed by The Belt Team and is OPEN SATURDAY July 2nd from Noon to 3PM. Here’s a sneak peek:

More info, price & additional photos of 5818 Colchester Road, Fairfax, VA 22030 

Call Tom Hanton & The Belt Team at (703) 283-6418

Welcome to this beautiful, light-filled custom home with over 4,400 square feet of finished living space (and room to expand)! This property offers 5 bedrooms & 4.5 baths (including a main level bedroom suite!), shining hardwood floors on the main level, gorgeous moldings & architectural details throughout, a gourmet eat-in kitchen with granite & stainless appliances, a separate dining room, a family room with gas fireplace, attractive sun room, grand master retreat, whole house music/intercom system and much more! The back deck creates a perfect outdoor living space. Great for commuters…don’t miss this opportunity!

5818 Colchester Road, Fairfax, VA 22030

 

5818 Colchester Road, Fairfax, VA 22030 – Just Listed by The Belt Team

5818 Colchester Road, Fairfax, VA 22030 has just been listed by The Belt Team. Here’s a sneak peek:

More info, price & additional photos of 5818 Colchester Road, Fairfax, VA 22030 

Call Tom Hanton & The Belt Team at (703) 283-6418

Welcome to this beautiful, light-filled custom home with over 4,400 square feet of finished living space (and room to expand)! This property offers 5 bedrooms & 4.5 baths (including a main level bedroom suite!), shining hardwood floors on the main level, gorgeous moldings & architectural details throughout, a gourmet eat-in kitchen with granite & stainless appliances, a separate dining room, a family room with gas fireplace, attractive sun room, grand master retreat, whole house music/intercom system and much more! The back deck creates a perfect outdoor living space. Great for commuters…don’t miss this opportunity!

5818 Colchester Road, Fairfax, VA 22030

 

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!

12694 Valley Oaks Ct Fairfax Va 22033 – Listed by The Belt Team

12694 Valley Oaks Ct Fairfax Va 22033 has just been listed by The Belt Team. Here’s a sneak peek:

More info, price & additional photos of 12694 Valley Oaks Ct Fairfax Va 22033

Call Kevin Kleifges & The Belt Team at (703) 242-3975

Welcome to this gorgeous, light-filled colonial in a fantastic location…convenient to shopping, restaurants, great schools and easy access to major commuting routes! Along with 3 finished levels, 4 bedrooms & 4.5 baths, this property has a flowing floor plan, attractive architectural details like extra wide crown molding & pillars, a two-story entry foyer & family room with large stone fireplace, a spacious eat-in kitchen with sun room, a separate dining room, an elegant master retreat, a finished lower level with expansive rec room and back deck.

For more questions or for a specific update on YOUR neighborhood – call Kevin Kleifges & The Belt Team at (703) 242-3975 for a FREE Buyer or Seller Consultation. The Belt Team is one of Northern VA’s Top Real Estate Teams.

12694 Valley Oaks Fairfax VA 22033

Best Real Estate Agents in Vienna VA