Real Estate Assessments Up Slightly In Oakton

OAKTON, VA—Fairfax County reports that 2018 residential property assessments had an average increase of 0.94 percent in Oakton, which is lower than the countywide average of 2.17 percent.

On the other hand, the average home assessment for 2018 for Oakton was $692,088, higher than the average $535,597 Fairfax County property. Last year's average for Oakton was $685,639.

Here are the 2018 average property values for each area of Fairfax County:

• Alexandria: $445,859
• Annandale: $464,220
• Burke: $467,449
• Centreville: $401,327
• Chantilly: $479,051
• Clifton: $674,195
• Fairfax: $503,285
• Fairfax Station: $660,787
• Falls Church: $473,562
• Great Falls: $1,052,668
• Herndon: $488,507
• Lorton: $407,393
• McLean: $924,703
• Oakton: $692,088
• Reston: $432,136
• Springfield: $450,304
• Vienna: $721,305

Not all property values increased, so residents should check their individual assessments the county has mailed and put online. Countywide, 64.5 percent of residential properties had their value go up. Some of the factors that impact assessments are sales in the neighborhood, economic factors like average number of days homes have been for sale and sales volume, new construction, rezoning and property characteristics.

Meanwhile non-residential properties, which include commercial, industrial and rental apartment buildings, increased by an average of 3.79 percent across Fairfax County.

The county reminds residents that the real estate assessments are not tax bills. Homeowners pay real estate taxes through their mortgage payments or directly to the county biannually on July 28 and Dec. 5.

The tax levy indicated on the assessment is just an estimate, as the new real estate tax rate will be adopted by the Board of Supervisors on May 1. County Executive Bryan Hill's advertised budget calls for a 2.5 cent tax increase. See more about this year's budget process here.

Residents can appeal the assessment if they feel it reflects an incorrect value. Residential property owners can file the appeal online, and all property owners can download a paper application. Assessment appeals are due by May 1 for review by the Department of Tax Administration or by June 1 if filed with the Board of Equalization of Real Estate Assessments.

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