City of Falls Church Real Estate Assessments & Property Taxes

February 7, 2010 by · Leave a Comment 

According to the Falls Church Times:

Falls Church City announced today that the total taxable assessed value of all City properties as of January 1, 2010, is $3.04 billion, which is a 6.4 % decline from a year earlier.

Overall residential real estate values declined 3% over the last year. Single family homes values declined by 2%, townhomes declined 2% and residential condominiums declined 10%. However, 1,308 of 2,405 (54%) of single family homes remained the same or increased in value due to improvements to the property, and 113 of 556 (20%) of townhomes remained unchanged.

If your Falls Church property declined in value, will you see a drop in your property taxes? Not necessarily.   There are two components to real estate property taxes: the assessed value and the assigned rate.  Both are set by the City and change every year.  So:

Assessed Value * Tax Rate = Property Tax Bill

Even if your assessed values go down, your tax bill could go up if the tax rate changes enough!  After all, the government still needs their money to keep things running.  Falls Church will not set their rate until April 26, when the next fiscal year’s budget is approved by the City Council.

The City of Falls Church, like many local jurisdictions, assesses real estate at “100% of market value.”  If you believe your property is over-assessed, the deadline for appeals is March 19, 2010.  You can read about the Falls Church real estate assessment appeals process here. If you need assistance in finding an appropriate market value for your City of Falls Church home, contact us – we’d love to help!

No related posts.

Related posts brought to you by Yet Another Related Posts Plugin.

About

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!