Housing and Community Development

CONTACT INFORMATION: Operating Hours: 8AM-4:30PM M-F
703-246-5000 TTY 711
3700 Pender Drive
Fairfax, VA 22030
Tom Fleetwood
HCD Director

For Appraisers

The restricted repurchase price of units in the First-Time Homebuyers Program is based on the original price paid by the homeowner and the Consumer Price Index adjustment calculated in accord with the Covenants running with the property and recorded in the land records of Fairfax County. 

If the unit is an Affordable Dwelling Unit, the price is established through Covenants running with the land and recorded on the property and also through the Fairfax County Zoning Ordinance. 

A price controlled property in any of the County's First-Time Homebuyer programs is not of comparable value to a similar market rate unit, as is evidenced by the property being assessed and taxed at a lower rate. Note too that comparable properties may be priced differently simply because the owner has held the property longer, as the resale price is based partially on annual increases in the CPI. 

Typical market rate appreciation/depreciation does not factor in to the pricing of these units, which as stated is well below that of a similar unit not subject to price controls. Properties in our program that have sold will be in the DTA records (although there is a lag time in the information being added to that database).  You may also refer to the  properties listed below that have been marketed and determine if any of these are comparable to the unit you need to appraise.  You will also need to check DTA records and/or other resources to determine which units are comparable to that for which the appraisal is being conducted.

For your information, following are websites that will provide additional information regarding establishing the value of a price controlled property and should prove helpful:

  • The Fairfax Department of Tax Administration offers an on-line resource to help homeowners and appraisers understand the value of price controlled homes as well as the value of comparable homes. To look up this information:
    • Go to the DTA Real Estate Search web page
    • Enter the address of the First Time Homebuyer’s Unit
    • A web page will appear listing information about the property at the address
    • Once the website shows the profile page for a particular property, under Site Description, you will see the following statement for all Homeownership units: "This property is subject to restrictive covenants related to financing, refinancing, or transfer of the property."
    • To compare the Homeownership Property with other properties in the neighborhood, click on the Neighborhood Sales icon.
    • A list of units that are considered "comparable" to the property at the address entered will appear. The list will provide the price paid for the units when they were last sold, and the list will indicate whether or not the purchase was at market rate.

Information regarding the sales prices of other Homeownership units (both resale and new construction units) can be found in the listings included on our program pages:

Links for resources related to the Affordable Dwelling Unit and Workforce Dwelling Unit Programs - contained within the Fairfax County Zoning Ordinance - CLICK HERE

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