Real estate assessments rise again
Fairfax County real estate assessments for 2023 are up an average of 6.79 percent, the Department of Tax Administration announced on Feb. 21.
More than 357,000 updated 2023 assessment notices are being mailed to all property owners. You can also look up your assessment here.
Due to rising property values, the average annual tax bill would be increased by about $520.
The average assessment for all homes is $719,522, up from $672,639 in 2022.
The average assessment in Mason District is up 6.34 percent. Only the Providence District has a lower increase, at 5.50 percent. Springfield had the highest average increase, at 8.27 percent.
The average assessment for single-families detached homes in Fairfax County rose 7.8 percent – for an average value of $873,149.
The average assessment is up 6.3 percent for townhouses and duplexes, for an average assessment of $533,968. Condominium assessments are up 3.98 percent, for an average of $334,623.
Commercial property assessments are up an average of 1.65 percent, fueled by significant increases for apartments, industrial properties, and retail properties. Hotels continued to recover value lost in 2021, while regional malls and high-rise office buildings declined in value.
The estimated tax levy shown on assessment notices is based on the 2023 assessment and the 2022 tax rate.
The actual real estate tax owed by property owners is an estimate because the Board of Supervisors hasn’t adopted a tax rate for 2023. That will be done as part of the FY 2024 budget process.
“It was a seller’s market in Fairfax County during the first six months of 2022, as well as across Northern Virginia and the U.S.,” the Department of Tax Administration states. “However, with mortgage rates increasing over the course of the summer and fall, the rate of year-over-year appreciation declined, although it remained positive.”
At the end of 2022, home sale prices, on average, were still higher than they were 12 months prior. This was the primary basis for determining 2023 assessments.
Of the total number of residential properties in Fairfax County, 89.5 percent increased in value due to equalization. Only 3.1 percent saw a decrease in value. Assessments are unchanged for the remaining 7.4 percent.
According to the Department of Tax Administration, there are several factors that affect real estate assessments:
- Sales in the neighborhood.
- Economic factors, such as sales volume and the average number of days homes have been for sale.
- Improvements, such as remodeling and additions.
- New construction and rezoning.
- Property characteristics, such as size, age, condition, and amenities.
The assessment notice is not a bill; most homeowners pay property taxes as part of their monthly mortgage payment. For those who pay the tax directly, the first installment is due July 28. The second payment is due Dec. 5.
Seniors and people with disabilities could qualify for real estate tax relief. The Board of Supervisors recently approved tax relief for the surviving spouses of military members who died in the line of duty.
For 2023, the maximum gross income to qualify for tax relief is $90,000, with a maximum net worth of $400,000.
The deadline for filing for tax relief is May 1.
Property owners can appeal an assessment if they believe the value of their home was incorrectly assessed or there are errors in the property description. Administrative appeals must be filed by April 3.
Appeals can also be filed with the Board of Equalization by June 1.
Fairfax County lives in an alternate reality where taxes must rise no matter what. Every newspaper article for the past six months has talked about property values going down from a year ago almost everywhere. My house on Zillow is down $70,000 from last year. The Fa. Co. Executive also wants to raise the car tax to meet his new expectations for spending. We have to elect new people. These think they live on a gravy train of tax after tax.
Just got my tax assessment. It is over $20,000 more than Zillow lists for my house worth. This has never happened. Fairfax County is out of control on taxes.
Interesting – Ffx county now has record high tax revenue, one of the highest bond ratings in the nation — Yet can’t afford to do a simple lake dredge / can’t afford to enforce housing codes / can’t afford to patrol high crime neighborhoods / can’t afford to do basic functions of government. But can afford stupid art projects; old fart concert series; tax breaks for giant developments and parking lots accelerating trash and sediment runoff. What are we paying for?!!!!!
They’ll be lucky if people don’t bring pitchforks. I’m sending this article to everyone I know. Overflow on March 9th.
Can’t even get my yard waste taken out and our taxes go up this much?!?! It took them this long to install a walk signal on Columbia Pike/Markham, where is all of our tax money going?
All owners need to appeal this. The housing market peaked, prices are down and average time on market is up. We need to elect leaders that will look for ways to reduce. These assessments have gotten well out of control.
Don’t let them fool you. My assessment ‘says’ it only increased by 5% but when you look at the breakdown on the assessment, my building value didn’t budge but my property value jumped up 17%!!! And last year the property value increased by 11% PLUS the building value increased by 12%! It’s just wrong!
No matter how you slice it. Look at your numbers closely. The averages on your statement are sugar coated.
I am always amazed at the outrage at “tax assessment season.” The assessment is the estimated market value of your land and your house combined. These are based on market valuations and, I presume, on building depreciation. This is their estimation on something that you own, can sell tomorrow, can hold on to indefinitely, can transfer on death to your children – it isn’t spurious. Property values go up all the time – and since they don’t make any more land here in Fairfax, there is no way to go over the long term but up (limited supply). Every expensive new home built, every new Chic-Fil-A, trail improvement, nationally ranked low crime rate – these all contribute to your increasing valuation. Do I want my own personal asset to increase in value? Yes. Am I senior citizen and can’t afford to pay taxes on the new assessment? The county has a program to support you. It’s what we get for living in a very nice area (with a wrinkle or two) – and this will lead to increasing values over the long run. It is far better than the alternative. (And cherry-picking cheap little programs as examples of waste is bad form – that’s not where the big money is.)