The total taxable assessed value for all properties in the City of Falls Church as of Jan. 1, 2013, is $3,324,120,300 ($3.3 billion), a 2.9 percent increase from January 1, 2012, a press release from City Hall released late this afternoon states. The City plans to mail assessments for 2013 in February, so property owners should receive the notices on or after Tuesday, Feb. 12. Updated assessment information will be posted on the City website Monday, Feb. 11. Individual assessment information will not be available until after the mailing.
According to today’s release, overall residential real estate values increased 3.1 percent over the last year. Single family home values increased by 3.5 percent, townhomes increased by 3.6 percent, and residential condominiums had varying changes.
Overall commercial property values increased 1.6 percent since January 2012. The real estate value of multi-family apartments increased 5 percent, large office buildings are up 0.2 percent and large retail properties are up 3.9 percent. The value of City hotels remained flat.
As set forth in the Virginia Constitution, real estate is assessed at 100 percent of fair market value. The City’s Office of Real Estate Assessment calculates property value annually using mass appraisal techniques that are standard in the real estate assessment industry.
According to the City, the forthcoming notice of assessment is an appraisal of the fair market value of the property; it is not a tax bill. Property tax payments will be due in two installments on June 5 and Dec. 5; property owners will receive bills prior to these dates.
The real estate tax rate will be determined on April 22, 2013, when the Falls Church City Council adopts the Fiscal Year 2014 Operating Budget and Capital Improvements Program and sets the tax rate. Public hearings on the Fiscal Year 2014 Proposed Operating Budget will be held on March 25, April 8, and April 22 at 7:30 p.m. in Council Chambers (300 Park Ave.). To see the complete budget schedule, visit www.fallschurchva.gov/Budget.
While individual assessments will be mailed in February, if after evaluating the assessment, homeowners questioning if their assessment is correct are advised to ask the question, “Would my home sell for the assessed value if I put it on the market?” If the answer is “yes,” the assessment is probably accurate. If the answer is “no,” contact the Office of Real Estate Assessment at 703-248-5022 (TTY 711).
Deadlines for assessment appeals are Friday, March 15, 2013, for an Office of Real Estate Assessment review and Friday, July 5, 2013 for a Board of Equalization review. More information about the assessment review process is available online at www.fallschurchva.gov/AssessmentProcess.