The City of Falls Church released overall real estate assessment figures today, showing a whopping 6.4 percent decline, led by a 14 percent decline in the value of commercial properties. The biggest single component of the commercial real estate drop has been large office buildings, down 21 percent in value over the course of the past year. The numbers will make it extremely daunting for the Falls Church City Council to balance the upcoming fiscal year budget, coming in higher than estimates of a 6 percent drop indicated before today.
