City of Falls Church real estate assessments were up 3.8 percent overall for 2016 the City announced in a press release Tuesday evening. The new totals include a 1.59 percent increase in overall residential real estate and 9.72 increase in commercial and multi-family property for total taxable assessed value for all City properties at $3.8 billion.
New commercial construction, including the new Harris Teeter development on West Broad Street, accounted for $86.8 million of growth while new residential construction accounted for $34.9 million.
According to the release, single family home values in the City of F.C. were flat with the exception of new construction; townhomes had varying changes but overall were flat; and residential condominiums had varying changes but overall increased 2.79 percent.
As set forth in the Virginia Constitution, real estate is assessed at 100 percent of fair market value. The City’s Office of Real Estate Assessment calculates property value annually using mass appraisal techniques that are standard in the real estate assessment industry.