The Real Estate Assessment Office in the City of Falls Church, VA determines the value of all properties within the city, ensuring equitable distribution of taxes among taxpayers. They assess properties at fair market value and provide updated assessments annually, with the total taxable assessed value for 2023 being $5.3 billion, a 4.64% increase from the previous year.
Residential real estate values increased by 3.5%, with single-family homes and townhomes seeing varying increases of 4.03% and 5.86% respectively, while residential condominiums experienced an overall decrease of 1.00%. Commercial property values increased by 7.67%, and multi-family property values rose by 32.12% due to new construction. Property owners have the opportunity to appeal their assessments if they believe it does not reflect current market value or is not uniform with similar properties.
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