Countywide residential real estate assessments are up an average of only 0.68 percent for 2017, with the average assessment for all homes at $533,168. By comparison in 2016, the countywide average was $527,648, with an average increase of 1.64 percent.
More than 350,000 updated real estate assessments for 2017 are now available online (and are being mailed to all property owners). Approximately 45 percent of residential property in the county increased in value over the past year due to equalization, with an average increase of 0.68 percent.
Nonresidential real estate values (commercial, industrial and rental apartments) increased 1.85 percent on average due to equalization.
Of the 353,695 taxable parcels in Fairfax County:
- 232,280 have an assessment change
- 121,415 have no assessment change
Here’s the breakdown of average home property assessments (averages are not necessarily indicative of individual properties or neighborhoods):
- Countywide average for all homes – $533,168
- Single family-detached homes – $639,468, up 1.10 percent
- Townhouse/duplex properties – $398,166, up 1.37 percent
- Condominiums – $260,617, down 0.32 percent
The real estate assessment notice is not a bill. Most homeowners pay real estate tax as part of a monthly mortgage payment. Your mortgage company then sends the taxes directly to the county. However, some homeowners pay their real estate taxes directly (due July 28 and December 5). Contact your mortgage company if you are not sure how your taxes are paid. Here’s a sample assessment you’ll receive in the mail:
The 2017 estimated tax levy shown on your assessment is just that – an estimate. The estimated tax for 2017 is based on the 2017 assessment and the county’s 2016 tax rates. This is an estimate because the Board of Supervisors has not yet adopted tax rates for 2017, but will do so as part of the budget process. The “levy,” or tax, is a combination of your current assessment and the current adopted tax rates.
Important note for participants in our tax relief program for seniors and people with disabilities. The 2017 tax estimate shown on your notice does not reflect your 2017 tax relief benefit. The filing deadline for your tax relief application is April 1, 2017. You will be notified about your tax relief status by June 30, 2017.
There are several factors that affect real estate assessments:
- Sales in the neighborhood
- Economic factors such as average number of days homes have been for sale and sales volume.
- Improvements to the property (remodeling, additions)
- New construction and rezonings
- Property characteristics (such as size, age and amenities)
To provide taxpayers with more transparency, the county has developed the Real Estate Tax Calculator to help you see where your Real Estate Taxes are going, based on your own real estate assessment.