Falls Church Property Values Increase

Falls Church property owners can expect to see higher property values when they receive their reassessments sometime next week.

According to a statement released by the City of Falls Church on Thursday, "The total taxable assessed value for all properties in the City as of Jan. 1, 2012, is $3,229,692,600 ($3.2 billion), a 4 percent increase from Jan. 1, 2011."

The reassessments will be mailed on Friday, so property owners should receive them on or after Tuesday. The new values will be available online on Monday.

According to the City, "Overall residential real estate values increased 4 percent, single family homes values increased by 4 percent, townhomes increased 4 percent and residential condominiums had varying changes."

Ryan Davis, the City's assessor, said the improving economy, the proximity to Washington, D.C. and the shortage of supply of residential units has contributed to the higher assessments.

"The assessment changing does not necessarily mean your tax bill will change," Davis said.

Two components determine real estate taxes. The first is the property assessment and the second is the tax rate, which will be set by the city council on April 23.

"They are both moving parts, meaning that the real estate assessment is set each year and the tax rate is set each year," Davis said.

Last year, the Falls Church tax rate was $1.27 per $100 of assessed value.

For more information, visit the City of Falls Church website.