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Rising home values are a good thing for Fairfax County homeowners thinking about selling. But for those staying put, they will equate to higher tax bills this year.

Residential home assessments rose an average of 4.25 percent from 2020 to 2021, according to figures reported Feb. 23 by the Fairfax County government. It’s a figure in line with real-world conditions of the past year, a period that has seen most homes increase in value locally despite the pandemic and resulting government lockdown.

The average assessment for all homes in Fairfax County stood at $607,752, up from $582,976 a year before, with increases reported in all three segments of the market:

• The average assessed value for single-family homes was up 4.17 percent to $725,327.

• The average assessed value of townhouses or duplexes was up 5.13 percent to $460,526.

• The average assessed value of condominiums was up 4.62 percent to $304,877.

In total, 88 percent of residential properties saw increased assessments, with 4.4 percent seeing declines and 7.6 percent unchanged.

Among the various magisterial districts in Fairfax, average assessed values were up 6.32 percent in Lee; 5.29 percent in Mount Vernon; 5.13 percent in Mason; 5.06 percent in Braddock; 4.89 percent in Springfield; 4.6 percent in Sully; 3.91 percent in Providence; 3.67 percent in Hunter Mill; and 2.53 percent in Dranesville.

Higher assessments will mean higher tax bills for most homeowners. Fairfax officials are contemplating a 1-cent decline in the tax rate, from $1.15 per $100 to $1.14, but for the owner of a typical single-family home, rising assessments would push the tax bill from $8,007 last year to $8,269 this year – an increase of 3.2 percent.

Homeowners either pay the government directly, with two tax-bill payments per year, or have those payments handled through an escrow account connected to their home loan.

While residential assessments were up, assessments on non-residential properties (commercial, industrial and rental apartments) saw a 4.05-percent decline due to current economic conditions.

There are 356,171 taxable parcels in Fairfax County. Assessment data on individual parcels can be found at www.fairfaxcounty.gov.

– Scott McCaffrey

[Sun Gazette Newspapers provides content to, but otherwise is unaffiliated with, InsideNoVa or Rappahannock Media LLC.]

(2) comments

Duke Nukem

These home values are getting out of hand and go against diversifying the county. When is the government whether it local or federal going to do something about home prices in these rich privileged areas? Giving families who want to move from the city to these deep blue democrat suburbs, say $500k to purchase a home needs to be looked at. When the city folk move in, I'm sure the bleeding heart liberals will welcome them with open arms.

John Dutko

Sounds like someone has a case of the Socialist fever.

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