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!