Property Values Increase 3.89 Percent Overall In Falls Church

FALLS CHURCH, VA — Real estate assessments in Falls Church overall increased by 3.89 percent from 2019 to 2020, according to assessment information released Tuesday. The tax base stands at $4.45 billion.

Residential new construction accounted for $21.3 million of the $4.45 billion tax base growth, commercial new construction resulted in $26.3 million of growth, and appreciation of current properties made up the remainder.

Residential and commercial property values increased on average, although changes may vary by individual property. Commercial property values increased 5.98 percent, and multi-family properties alone saw a 3.11 percent increase in value.

Real estate values for residences increased 3.42 percent on average, although single-family homes and townhouses had greater overall increases than condominiums. Single-family home values increased by 3.83 percent, townhouses by 3.74 percent and condominiums by 1.31 percent.

The city's Real Estate Assessment Office based on 100 percent of the fair market value as of Jan. 1, 2020. City assessments will be mailed to property owners in late February, and assessments will be available on the city's website by Feb. 18.

Property owners' tax bills will be based on the 2020 assessments and the real estate tax adopted by City Council on April 27. The city manager will propose the budget for fiscal year 2021 on March 9, and public hearings on the budget are scheduled for March 23 and April 13.

Property tax bills will be due on Dec. 7, 2020 and June 7, 2021.

If a property owner chooses to appeal an assessment, details about the process are available online. Office of Real Estate Assessment reviews must be requested by April 3, and Board of Equalization reviews must be requested by June 5.