More than 357,000 updated 2023 real estate assessment notices are being mailed to all property owners. Based on equalization changes (market-driven value increases or decreases), countywide residential real estate assessments are up an average of 6.97%, with the average assessment for all homes at $719,522. In 2022, the countywide average home assessment was $672,639.
At the end of 2022, home sale prices on average were still higher than they were a year before. With mortgage rates increasing during this past summer and fall, the rate of year-over-year price appreciation declined, but it still remained positive.
To look up your current or past assessments, first enter your property’s address in the county’s online database. Next, on the page with your property’s information, click “Values” on the left-hand side to see your present and past assessments, or compare the sale price of your property to others in the neighborhood by clicking on “Neighborhood Sales” on the right-hand side.
Average Assessment Values
Of the total number of residential properties, 89.5% increased in value due to equalization (market-driven increases or decreases). Only 3.1% saw a decrease in value, and assessments are unchanged for the remaining 7.4%.
The breakdown of average home assessments is shown below. Please note that averages are not necessarily indicative of individual properties or neighborhoods.
- Single-family detached homes – $873,149, up 7.80%
- Townhouse/duplex properties – $533,968, up 6.31%
- Condominiums – $334,623, up 3.98%
For commercial properties overall, values increased only modestly (up 1.65% on average) compared to last year. Apartments, industrial properties, and retail properties saw significant increases for 2023. Hotels continued to recover value lost in 2021. On the other hand, regional malls and high-rise office buildings declined in value as the realities of the modern-day consumer and workplace had a negative impact.
Overall, of the 357,540 taxable parcels in Fairfax County:
- 328,096 have an assessment change.
- 29,444 have no assessment change.