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, 2023, is $ 5,329,726,700 ($5.3 billion), an overall increase of 4.64 percent from January 1, 2022. Updated assessments information is available on the City website as of February 27 and assessment notices will be mailed to property owners by March 17.
Overall residential real estate values increased 3.5 percent over the last year. Single family home and townhomes had varying changes but overall were up 4.03 percent and 5.86 percent respectively; and residential condominiums had varying changes but overall decrease of 1.00 percent.
Overall commercial property values increased 7.67 percent since January 2022 and multi-family property values increased 32.12 percent over the last year largely due to new construction.
New construction (valued at $57.56 million) accounts for 24.4 percent of the increase in assessed value. Residential new construction accounted for $10.15 million of growth; commercial new construction accounts for the remaining $47.41 million of growth.
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 appeal their annual assessment to the Assessor by April 17 and/ or appeal to the Board of Equalization by June 2 during the tax year if the assessment:
- Does not reflect current market value.
- Is not uniform with similar properties.
- Is based on inaccurate property details.
Appeals for only the current year may be made to the Board of Equalization (BOE).
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.
The office collects and maintains a history of all land parcels in the city with computerized current information specific to each parcel that includes:
- Deed and plat references
- Ownership history
- Specific house characteristic information
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.
2023 Important Dates & Deadlines
- January 1, 2023: Effective Date of Annual Assessments
- April 17, 2023: Appeal to Assessor Deadline
- May 2023: City Council Sets Real Estate Tax Rate
- June 2, 2023: Deadline for Filing 2022 Income and Expense Surveys
- June 2, 2023: Appeal to Board of Equalization (BOE) Deadline
- June 5, 2023: Second Half of FY 2023 Real Estate Taxes Due
- September 2023: BOE Hearings Begin
- December 5, 2023: First Half of Fiscal Year 2024 Real Estate Taxes Due