As expected, residential real estate assessments in the City of Falls Church, announced late yesterday, tanked this past year, down an average 5.5% for single family homes, and 6.5% for residential condominiums.
But overall, the City’s assessments were up by slightly less than 1%, mostly due to new residential and commercial construction. The new construction accounted for 3% of the total assessments as of January 1, according to a statement from the City’s Public Information Office. Most ($79 million) was due to construction of new mixed use projects in the City’s commercially-zoned corridors, and $21.9 million was due to new construction of single-family houses. Other increases came in the assessed values of existing multi-family residential properties, up 9.1%, and existing commercial properties, including hotels, retail and office buildings, up 4.7%. Assessments are set at 100% of the fair market price. Property owners in the City will be mailed their individual assessments beginning Monday. The City Council will now use the assessment numbers in crafting its next fiscal year budget, deliberations on which will commence later this month.
