The City of Falls Church released a generalized result of its annual assessment of real estate values today, noting that total taxable assessed values as of Jan. 1, 2011 was a modest two percent higher than last year. The result derived from a four percent increase in the value of single family homes, while commercial properties overall were down one percent.
Individual assessments will be mailed to property owners this Friday, Feb. 4, the City’s statement said, and all assessments will be available on the City’s website by next Monday, Feb. 7. Assessments for townhomes remained unchanged, and there were varied changes for residential condos. Multi-family apartments were up one percent, but large office buildings were down four percent, large retail properties down two percent, and City hotels down seven percent.
The City assessor is tasked with assessing values based on 100 percent of fair market value, as called for in the Virginia Constitution. The City’s Office of Real Estate Assessment calculates property values annually using mass appraisal techniques standard for the real estate assessment industry. The assessments form the basis for the City Council’s decisions on revenue and expenditures for each fiscal year.