In accordance with Section 58.1-3330
of the Code of Virginia, you are provided this annual notice as
an official statement of the assessed value of your real property
for local tax purposes.
The
January 1, 2008 real estate assessment represents the estimated
fair market value of your property. This notice is not a tax
bill. The assessed value provides the basis for your real estate
taxes that will be due on July 28 and December 5.
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The residential real estate market
did experience a decline in 2007, due in part to the oversupply
of homes for sale, including homes in foreclosure, and tightened
lending standards. This led to lower sales volume and lower sales
prices in many neighborhoods.
As of January 1, 2008, the real estate
market change during 2007 has resulted in an overall decrease
in residential property assessments due to equalization totaling
-3.38%. The amount of price decline varied by neighborhood and
property type, but the assessed value of approximately 71% of
all residential properties has decreased in 2008 due to equalization
(or appreciation changes). Another 13% were flat and had no
change from the prior year.
The number of days a property was listed
for sale increased from 67 days on average in 2006, to an average
of approximately 92 days for all of 2007. As of the end of the
4th quarter for 2007, the average listing was 112 days, compared
to only 38 days just two years ago. The number of sales in 2007
also declined by nearly -24%. Still, DTA appraisers had almost
14,000 bona-fide sales of new and existing residential properties
from which to gauge market value.
The overall decrease of -3.38% is a
blended average between properties that had increases, decreases
or no change in value. While most properties decreased, nearly
16% of residential properties actually experienced a slight
increase in value. The increases were much more moderated than
in prior years however. Almost 85% of the residential properties
that experienced a slight rise in assessments for 2008 had a
value increase of less than 10%.
It is important to note that the
assessment changes discussed above are gross averages and may
not reflect the assessment changes within your specific neighborhood.
DTA will continue to monitor market sales throughout 2008. These
future sales will be reflected in the assessments for 2009.
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The Constitution of Virginia
requires real estate assessments to represent fair market value.
There is no provision to limit the amount of change from year
to year.
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There are about 338,000 residential
properties in Fairfax County. On average residential property
declined by -3.38%, but some properties did experience a modest
increase. Sales activity and price fluctuation within the real
estate market varies somewhat based on property type and from
neighborhood to neighborhood. Consequently, the percentage of
assessment change is also variable. For perspective, you can
see the sale prices of properties within your assessment neighborhood
by visiting http://icare.fairfaxcounty.gov.
While residential property declined on average, commercial property
experienced an overall rise in assessments of almost 7%.
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We encourage you to call our
DTA staff appraisers at 703-222-8234 to discuss your assessment
questions. You may also review real estate information
from the Department of Tax Administration (DTA) online, at
http://icare.fairfaxcounty.gov/Main/Home.aspx
You may use the online information to:
a) determine if your property is described correctly on DTA
records. Please note, commercial properties cannot be fully
described on the Web site; you may need to call DTA for more
details.
b) check the comparability of assessments in your general area
for properties that have physical features similar to your own
home.
c) view a list of sales in your assessment neighborhood and
consider if your property could be sold for at least its assessed
value.
Any administrative appeals are
requested to be filed with DTA by April 18, 2008, in
order to allow time for review prior to the filing deadline
for the Board of Equalization (BOE). Click
here for the 2008 appeal form, or call DTA at 703-222-8234,
[TTY 703-222-7594; Espaņol 703-324-3855].
You may also appeal to the BOE,
by June 2, 2008. Property owners are encouraged to file
an appeal with DTA prior to filing with the BOE. Contact the
BOE at 703-324-4891, [TTY 703-222-7594; Espaņol 703-324-3855]
or at Suite 331, 12000 Government Center Parkway, Fairfax, Virginia
22035.
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The Department of Tax Administration strives to maintain accurate real estate records. Please notify us immediately should you note an error in your property record by calling 703-222-8234, [TTY 703-222-7594; Espaņol 703-324-3855], by email, or writing to: Fairfax County Department of Tax Administration, Suite 357, 12000 Government Center Parkway, Fairfax, Virginia 22035.
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Most mortgage companies participate
in a mass billing and payment system through an electronic information
exchange with Fairfax County. Participating mortgage companies
furnish Fairfax County with electronic data twice yearly listing
the accounts whereby they will be paying the taxes from escrow
accounts. If your mortgage holder does not commit to pay your
Real Estate taxes, the tax bills will be mailed to your current
mailing address. You may check your current mailing address
in the real
estate online records.
Real Estate tax bills are due
in two installments on July 28 and December 5 of each calendar
year. If you do not receive future tax bills at least two weeks
before the due date, you can confirm the amount due by calling
the Department of Tax Administration (DTA) at 703-222-8234,
[TTY 703-222-7594; Espaņol 703-324-3855] or by email at dtarcd@fairfaxcounty.gov.
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Sale price
is the actual price a buyer pays for a particular property.
An appraisal is a detailed
single property valuation, and may be obtained any time throughout
the year. Appraisals can have a variety of purposes, e.g. mortgage
loan, sale, home equity loan, and estate valuations.
An assessment
is a mass appraisal of property as of January 1 each year for
tax purposes. Assessments are based on large numbers of sales
that are analyzed to determine values for large groups of similar
properties.
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The market decline was a national phenomenon in 2007. All of
Northern Virginia saw an overall decrease in residential values
with outer jurisdictions showing greater declines. For details
click here.
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Newspapers sometimes publish a summary of the average sale price in an area that compares one time period to another. While this may give a general indication of a percentage change in sales prices, it should not be compared to any percentage change in your assessment, for the following reasons:
- The time period shown may not match that of the January 1st effective date of assessment.
- Areas covered are typically a zip code or other large area and do not reflect different changes within individual neighborhoods. In addition, property types may have been combined and do not take into account differing percentage changes between single family, townhouse, and condominium types of residential dwellings.
- A mean or median percentage change can be overly influenced by the types of properties sold during the specified time period. For example, percentage changes can be misleading if more lower priced homes sold during the beginning of the time period versus more higher priced homes at the end.
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Real Estate may be assessed for more than the sales price
because the assessment reflects "fair market value." Fair market
value is not necessarily the price paid for a piece of real
estate, but rather, what it is worth on the real estate market.
A sale may be below fair market value, for example, if the owners
are in financial distress and need to sell quickly, lowering
the price beyond what they might otherwise accept. Selling a
property at an amount simply sufficient to cover the mortgage
would be another example of a distress sale not at fair market
value. The 2008 assessments are based on 2007 sales. 2008 sales
transactions will be analyzed to determine the 2009 assessments.
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The Virginia Constitution requires that real estate be assessed at fair market value.
Refer to Article X, Va. Constitution for more information.
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Market Value sales are those that have been determined by DTA
appraisers to be representative of fair market value (i.e.,
a willing seller and buyer, neither party related to the other,
neither party under duress to sell or buy, adequate exposure
of the property to the market, and financing terms typical for
the current market) and will have a "Yes" in the Market Value
Sale column. Non-market sales are those that have been determined
to be not representative of the typical market value. There
will be a "No" in the Market Value Sale column (see
details by clicking here) for these sales. Clicking "No"
will display the parcel's Sales tab which provides an explanation
as to why staff believes the sale is not representative of the
typical market value. Examples of non-market sales may include
a bank foreclosure or a sale to a related party.
For multi-parcel sales from January 1 2004 forward, the total
sales price will be shown on each of the parcels. There will
also be a note indicating that the parcels are part of a multiparcel
sale. Multiparcel sales prior to 2004 will show as a zero price
on the website, with a note on the detail record indicating
a multiple parcel sale. Please contact
us for the sales price.
Current year sales which have been entered into our records are indicated on the initial search panel by a sales date in the current year.
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Since Fiscal Year 2002, the Fairfax County Board of Supervisors
has cut the real estate tax rate five times for a grand total
of 34 cents. The resultant tax rate of $0.89 was the lowest rate in Fairfax County's modern history. The FY 2009 Adopted Budget Plan includes a 3 cent increase in the tax rate from $0.89 to $0.92 per $100 of assessed value but due to lower residential assessment values, the average taxpayer in Fairfax County still will see some reduction in their tax bill.
Certain districts, designated Special Tax Districts, have an
additional levy added to the base tax rate. Also, additional
service charges may be applicable in certain districts. Certain
districts, designated Special
Tax Districts, have an additional levy added to the base
tax rate. Also, additional service
charges may be applicable in certain districts.
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The tax rate is $0.92 per $100
of assessed value. To compute the real estate tax on a property
assessed at $500,000, divide the assessed value by 100 and multiply
by the tax rate:
($500,000 ÷ 100) x $0.92 = $4,600
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We will be pleased to provide answers to any questions you may have about your real estate assessment. In addition to the information on this site, you may contact us by the following methods:
- Telephone: Call the Central Information Team (CIT) Monday through Friday from 8:00 a.m. to 4:30 p.m. at 703-222-8234, [TTY: 703-222-7594; Espaņol 703-324-3855]. You may request to speak with an appraiser.
- E-mail: Specific questions or requests for more information may be requested using email. Please include a telephone number where you can be reached during the day.
- Automated Information System: Call 703-222-6740 Monday through Saturday from 7:00 a.m. to 7:00 p.m. to hear recorded property descriptions, assessed values, and sales prices. You may also use this number to receive a faxed report for up to five properties per call.
- Facsimile: Specific questions or requests for more information may be faxed to 703-324-4935. Please include a telephone number where you can be reached during the day.
- Regular Mail: Specific questions or requests for more information may be addressed to Fairfax County Department of Tax Administration, Suite 357, 12000 Government Center Parkway, Fairfax, Virginia 22035. Please include a telephone number where you can be reached during the day.
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This information is available through the Fairfax County Circuit Court Land Records Division at www.fairfaxcounty.gov/courts/circuit/lr_gen_info.htm.
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It is industry standard for insurance companies to use an independent
replacement cost to determine the insurable value of your home.
In the case of a loss, damages would generally be paid based
on the insurance company’s independent estimate of the
replacement cost--not the building portion of your assessment.
Keep in mind that the house assessment does not equal the cost
to replace a house. For assessment purposes, the improvement
value reflects years of normal depreciation. For insurance purposes,
your insurance company would generally use their own estimate
of what it would cost to rebuild your home today.
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