Real estate assessments are way up

Due to rising real estate prices, property tax assessments in Fairfax County are up an average of 9.57 percent for 2022.

The average assessment for all homes is $668,974, a big increase from $610,545 in 2021, the Department of Tax Administration (DTA) reports.

The 2023 advertised budget proposal presented by County Executive Bryan Hill to the Board of Supervisors Feb. 22 would retain the current tax rate of $1.14 per $100 of assessed value. However, due to the increased assessments, the average tax bill would increase by $666 if the Board of Supervisors adopts that rate.

Assessments for residential real estate in Mason District are up 10.24 percent. Among the nine Fairfax County districts, Sully had the biggest increase, 12.08 percent, and Providence had the smallest at 7.15 percent.

According to the DTA, residential housing prices increased in most areas of the county because of record low interest rates, low housing inventory, and high demand. 

Of the total number of residential properties, 92 percent increased in value due to equalization. Only 2.8 percent decreased in value, and 5.2 percent remained the same as in 2021.

Property owners can look up their 2022 assessment here. Select “values” to see assessments for prior years.

Among housing types, assessments for single-family detached homes rose the most, for an average of 10.86 percent. Assessments for townhouses are up 8.70 percent on average, and assessments for condominiums increased by 3.98 percent.

Related story: Board of Supervisors expands tax relief program

Average home values are $807,450 for single-family homes, $501,743 for townhouses and duplexes, and $320,940 for condominiums.

Factors that affect real estate assessments include:

• 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 rezoning; and
• Property characteristics, such as size, age, condition, and amenities.

Non-residential real estate values increased by 2.27 percent on average. Retail, apartment, hotel, and industrial properties increased in value, but high-rise offices declined in value as remote work continues to be the norm.

Fairfax County mailed nearly 357,000 real estate assessment notices to all property owners on Feb. 22.

The estimated tax levy shown on the notice is an estimate, not a bill. The Board of Supervisors has not yet adopted the tax rate for 2022, but will do so as part of the budget process.

Tax relief is available to eligible seniors and people with disabilities. In December, the Board of Supervisors expanded that program, raising the maximum income to qualify to $90,000 and the maximum net worth to $400,000. The deadline to apply is May 2.

Taxpayers can file an appeal if they believe their property assessment is incorrect. An administrative appeal must be submitted to the Department of Tax Administration by April 1. Real estate appeals can also be filed with the Board of Equalization.