Tax bills likely to rise
Real estate assessments for 2024 are up an average of 2.86 percent, the Fairfax County Department of Tax Administration announced Feb. 20.
County Executive Bryan Hill’s proposed budget for the county, presented to the Board of Supervisors on Feb. 20, calls for a 4-cent increase in the tax rate, or $1.135 per $100 of assessed value. If approved by the board, that would result in an increase in the average tax bill of just over $542.
According to Hill, that increase is necessary to accommodate a big increase in transfer funds requested by Fairfax County Public Schools, employee salary and benefit requirements, and an underperforming real estate market.
The average assessment for all homes is $744,526, up from $723,825 in 2023.
The average value of homes in Mason District rose by 2.63 percent.
Average assessments broken down by types of homes:
- Single-family detached homes – $902,670, up 2.79 percent.
- Townhouse/duplex properties – $551,511, up 2.99 percent.
- Condominiums – $351,552, up 4.21 percent.
Throughout 2023, mortgage rates remained relatively high, and sales volume in Fairfax County was down significantly from 2022, the Department of Tax Administration reports. On average, home prices have continued to increase due to demand exceeding supply, but only moderately compared to the previous two years.
Of the total number of residential properties, about 73 percent increased in value due to equalization. Only about 14 percent saw a decrease in value, and assessments are unchanged for the remaining properties.
The values of commercial properties overall increased by just 0.54 percent compared to last year.
Office values are down significantly, however, due to rising vacancies and the difficulty refinancing or meeting debt obligations during a period of high interest rates.
Real estate assessments are based on:
- sales in the neighborhood;
- economic factors such as the average number of days homes have been on the market and sales volume;
- improvements to the property, such as remodeling or additions;
- new construction and rezoning; and
- property characteristics, such as size, age, condition, and amenities.
The county has mailed more than 357,000 updated 2024 real estate assessment notices to all property owners. You can look up your real estate assessment online.
That notice sent to homeowners is not a bill – and it’s just an estimate. The actual amount of real estate taxes for 2024 will be based on a combination of the assessment and the tax rate approved by the Board of Supervisors. The board will adopt a tax rate as part of the budget process.
So a 3.65% increase in tax rates on top of 2.63% increase in property values. Or, 6.28% total increase in tax liability. Most people are lucky to get a 6% annual raise.
Thank you for sharing this update.
I was expecting that property taxes would increase this year, and while this information is preliminary, it helps me in estimating and budgeting to be prepared to pay the higher amounts.
Additional datapoints from the County Executive’s presentation this morning, to assist with your budgeting:
If you have county-provided leaf collection, the projected base rate goes from 1.2 cents per $100 in FY24 to 1.9 cents in FY25 – a quick 58% increase.
If you have county-provided trash collection, the projected annual rate goes from $490 in FY24 to $555 in FY25 – a nice little 13+% increase.
Thanks for the update.
Let’s be honest, Americans across the political spectrum vote for massive deficit spending by the Federal Government, which results in the dollar losing value — inflation.
Inflation has been impacting Americans for the last several years. Inevitably, inflation was going to impact the cost of the services provided by the Fairfax County Government and Public Schools.
Now, rather than whining about the cost, if you want to propose cutting back on the services provided by Fairfax County Government (and not just the services you don’t use or care about), I would be impressed.
Cut back on everything across the board. I don’t want anything except garbage and functioning traffic lights. No programs, roads, police, fire, additional public school spending. No more state of the art green fire stations or Covid memorials or art committees. No more raises for the board. Yes I’m serious. I want to see a list of what our money is spent on, and a big, thick black marker. I’ll balance this budget in an hour.
Run Ben Run.
Helps you budget? That must be nice. I’m paycheck to paycheck and about to get a heloc or do a major draw on my measly 401k to keep my house, despite a good job. Doing everything I’m supposed to do and it’s not enough annd getting progressively worse.
All the education, credentials, hard work, and connections.
You sound like a cheerleader for the status quo. You think catchy catch phrases will make everyone forget that we’re broke?
I’m confused? Has the quality of county services and leadership increased 2%? Has crime in Annandale or Bailey’s gone down 2%? Have school rankings and scores gone up? How about the quality of code housing enforcement in FFX? Have the illegal boarding houses in our established residential neighborhoods been reduced ? Have the Board of Supervisors reduced their salaries by 2%? It’s hard to justify yet another increase – while service, quality, and leadership slowly drop in quality.
Quality of life plummets, no one can find a job that pays a living wage, no one can afford a house, it’s cheaper to rent than buy, those of us who own a house can barely afford it. It’s death by a thousand cuts.
Move VA elections from off year to same as President and more voters will participate, increasing the odds that the county will be more representative and responsive. Expanded voter participation will change the political calculus- but that is not what either political party nor the interest groups behind them want. They prefer lower overall turnout to maximize their advantage and control. What you can do is regularly vote, and maybe change will happen once enough folks are fed up and show up.
Pay more, get less! The FFXCO motto.
Mine went up 9% in Baileys Crossroads! Ridiculous
Here’s the County’s proposed budget info, everything that was presented earlier this week
https://www.fairfaxcounty.gov/budget/fy-2025-advertised-budget-plan