The Real Estate Assessment Office determines the value of all property located within the City of Falls Church at full and fair market value as of January 1 of each year. This is done in accordance with Virginia Code to distribute taxes equitably among all taxpayers, at a real estate tax rate set by City Council each year to help fund the annual budget.
The total taxable assessed value for all properties in the city, as of January 1, 2020, is $ 4,450,079,500 ($4.45 billion), a 3.89 percent increase from January 1, 2019. New construction (valued at $47.6 million) accounts for 28.57 percent of the increase in assessed value in the City, and market appreciation accounts for the remainder. City assessments will be mailed to property owners in late February. Updated assessment information will be posted on the City website by Tuesday, February 18.
Changes Compared to Previous Year
Residential new construction accounted for $21.3 million of growth;
Commercial new construction account for $26.3 million of growth;
Overall residential real estate values increased 3.42 percent;
Single family home and townhomes had varying changes but overall were up 3.83 percent and 3.74 percent respectively;
Residential condominiums had varying changes but overall increased 1.31 percent.
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.
Notices of Reassessment are mailed during the first quarter of the year. Property owners may make inquiries or appeal their annual assessment to the Assessor at any time during the tax year if the assessment:
Taxpayers are encouraged to request formal reconsideration of their assessment by the City Assessor prior to filing an appeal with the BOE; however, appeals may be made directly to the BOE or the Circuit Court in Arlington County.
This information is widely used by realtors, attorneys, title search personnel, prospective home buyers, sellers, private appraisers, and surveyors. It is also used to produce an assessment land book each year.
2020 Important Dates & Deadlines
January 1: Effective Date of Annual Assessments
April 3: Appeal to Assessor Deadline
April 27: City Council Sets Real Estate Tax Rate
May 31: Deadline for Filing 2020 Income and Expense Surveys
June 5: Appeal to Board of Equalization (BOE) Deadline
June 7: Second Half of FY 2020 Real Estate Taxes Due
September: BOE Hearings Begin
December 7: First Half of Fiscal Year 2021 Real Estate Taxes Due