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- As part of the Fairfax County annual assessment program, the Department of Tax Administration (DTA) reviews the assessed values for all real property each year. In accordance with the Virginia Constitution, all real estate is assessed in a uniform manner and all assessments are at fair market value. The Virginia Code and the Fairfax County Code provide the legal basis from which to administer and to execute the provisions of the Constitution.
- The Code of Virginia provides that properties shall be assessed at 100 percent of their fair market value. It is the responsibility of DTA to annually determine from the available market sales data those properties whose assessments are not at market value and should be changed. This change may result in either an increase or a decrease in value to achieve a fair distribution of the real property tax burden. Simply stated, while all properties are reviewed each year, not all property assessments are changed each year. For further information, see Real Estate Tax Assessments.
- For most commercial properties, fair market value is best determined by capitalizing the property's income into an estimate of value. This approach is commonly referred to as the income approach. The approach considers the ability of the property to earn income through rents, taking into account the operating expenses and allowing for vacancy and collection losses. The resulting net operating income is then capitalized into value with an appropriate rate to achieve a fair market value estimate. This value is then compared to the available market sales to determine if the property's assessment should change. Other approaches to value such as the cost approach and the direct sales approach are also used in the assessment process each year. The professional appraisal staff within DTA researches and analyzes the available sales information each year to determine the approach to value which will yield the best assessed values as of January 1 each year, the effective date of the assessment.
- Property owners whose assessments have changed are mailed a notice of assessment change in late February or early March. Property owners are encouraged to review their assessment as soon as possible. If a property owner has questions about the assessment, information is available by visiting, calling, or sending an email to our office. If a formal review is desired, appeal forms are available by phone, by letter, or on this home page.
- For additional information about assessment trends, please visit the Department of Management and Budget and follow the links under "Tax Rates and Assessed Valuations."