The City of Falls Church announced new real estate assessment numbers today, and the totals are shocking. The City release states that the total taxable assessed value for all properties in the City of Falls Church, as of January 1, 2022, is $5,093,848,600, an overall increase of 11.42 percent from January 1, 2021, primarily resulting from extraordinary increases in sales prices of residential real estate in the city last year. Assessment notices will be mailed to property owners by March 25. Updated assessment information will be posted on the City website by Monday, March 21.
Overall residential real estate values increased 13.72 percent over the last year. Single family home and townhomes had varying changes but overall were up 14.43 percent and 11.60 percent respectively; and residential condominiums had varying changes but overall increase of 12.31 percent.
Overall commercial property values increased 5.73 percent since January 2021 and multi-family property values increased 12.39 percent over the last year.
New construction (valued at $34.62 million) accounts for 6.6 percent of the increase in assessed value. Residential new construction accounted for $18.1 million of growth; commercial new construction accounts for the remaining $16.5 million of growth.
In anticipation of projected AV growth, the City Council had directed the City Manager as part of budget guidance in December 2021 to provide options for real estate tax rate reduction to mitigate the financial burden on homeowners. The City Manager plans to present the proposed Fiscal Year 2023 budget on March 28.
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.
Real Estate Taxes and Public Hearings
The notice of assessment is an appraisal of the fair market value of the property; it is not a tax bill. Property tax payments will be due in two installments on Dec. 6, 2022 and June 5, 2023; property owners will receive bills prior to these dates.
The real estate tax rate will be determined on May 2, 2022, when the Falls Church City Council adopts the Fiscal Year 2023 Operating Budget and Capital Improvements Program and sets the tax rate (more at www.fallschurchva.gov/Budget). Public hearings on the budget will be held on April 11, April 25, and May 2 at 7:30 p.m. To see the complete budget schedule, visit www.fallschurchva.gov/Budget.
Individual assessments will be mailed in late March. After evaluating the assessment, homeowners wondering if their assessment is correct should ask the question, “Would my home sell for the assessed value if I put it on the market?” If the answer is “yes,” the assessment is probably accurate. If the answer is “no,” contact the Office of Real Estate Assessment at 703-248-5022 (TTY 711).
Deadlines for assessment appeals are Friday, April 29, 2022, for an Office of Real Estate Assessment review and Friday, June 3, 2022 for a Board of Equalization review. More information about the assessment review process is available at www.fallschurchva.gov/AssessmentProcess.