According to a press release from the Falls Church City Hall issued late Wednesday, the total taxable assessed value for all properties in Falls Church City, as of Jan. 1, 2019, is $4,283,488,712, a 3.35 percent increase from a year earlier.
New construction, valued at $44.75 million, accounts for 31.7 percent of the increase in assessed value in the City, and market appreciation accounts for the remainder. Residential new construction accounted for $38.1 million of growth; commercial new construction account for $6.5 million of growth.
Overall commercial property values in the City increased 4.3 percent since January 2018; overall residential real estate values increased 2.93 percent over the last year.
Single family home and townhomes had varying changes but overall were up 2.87 percent and 1.02 percent respectively; and residential condominiums had varying changes but overall increased 4.91 percent.
As set forth in the Virginia Constitution, real estate is supposed to be 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.
City assessments will be mailed to property owners later in February, and updated and more detailed assessment information will be posted on the City website by next Tuesday.
The assessments announced this week will be the basis for decisions the City Council will make later this spring on its operating budget for the fiscal year beginning July 1.