Average real estate assessments rise 2.17 percent

Homes for sale in Annandale. [Zillow]

Real estate assessments for 2018 are up an average of 2.17 percent over last year, the Fairfax County Department of Tax Administration reported Feb. 20.

The average assessment for all homes is $547,219, up from $535,597 in 2017.

The mean assessed value of homes in Annandale is $464,220 in 2018, a 2.77 percent increase from 2017. That’s the third highest increase among zip code areas, after Springfield, with a 3.41 percent increase, and Burke, with a 3.22 percent increase.

Approximately 64.5 percent of residential property in the county increased in value over the past year due to equalization.

The mean assessed value of single family-detached homes countywide is $656,071, up 2.11 percent from last year. The mean assessed value is $409,792, up 2.86 percent, for townhouses, and $264,974, up 1.68 percent, for condominiums.

Nonresidential real estate values (commercial, industrial, and rental apartments) increased 3.79 percent on average due to equalization.

There are several factors that affect real estate assessments, including sales in the neighborhood; economic factors, such as average number of days homes have been for sale and sales volume; improvements to the property; new construction and rezonings; and property characteristics, such as size, age, condition, and amenities.

Real estate assessments are available online and are being mailed to property owners.

The real estate assessment notice is not a bill. Most homeowners pay real estate tax as part of a monthly mortgage payment. Those who pay the tax directly to the county must do so by July 28 and Dec. 5.

The tax levy shown on the assessment statement mailed to property owners is an estimate, based on the 2018 assessment and the county’s 2017 tax rates. The Board of Supervisors has not yet adopted tax rates for 2018, but will do so as part of the budget process.

Homeowners who believe their real estate tax is incorrect can file an appeal.