Single family home values grew by an average of 3.2 percent in the last year, but townhouses by only 1.43 and residential condos by only 0.93 percent, the City of Falls Church announced Tuesday. Individual property owners are scheduled to receive their annual assessment adjustments later this month in the mail.
The City’s modest increase in residential values was offset by a 5.91 percent growth in commercial property values and by a 6.74 percent growth in multi-family property values in the summary provided by the City. New construction valued at $83.8 million accounted for 59 percent of the increase in overall assessed values, the City said. On the commercial side, construction accounted for $56.4 million of that total.
By comparison, in Fairfax Co., where 2017 assessments were also released Tuesday, residential real estate assessments are up an average of only 0.68 percent. That average includes a 1.10 percent increase for single family homes, a 1.37 percent increase for townhouses and a 0.32 percent decrease for condos.
Falls Church assessments were compiled and reported by City Assessor Ryan Davis, and the City statement added that “as set forth in the Virginia Constitution, real estate is assessed at 100 percent of fair market value,” and the City assessor’s office calculates property values annually “using mass appraisal techniques that are standard in the industry.”
All properties in the City taken together added up to a 3.6 percent growth, or $4.008 billion. The numbers will be used by City staff and City Council in crafting the next annual budget for Fiscal Year 2018 that will go into effect July 1.
The Council will set the budget and the tax rate, now at $1.315 per $100 of assessed valuation, in late April.