Fairfax City, known for its vibrant community and economic resilience, has seen a significant uptick in its overall real property tax base, marking a 3.35% increase from the previous year. This growth is attributed to the ongoing market appreciation across both residential and commercial properties, further bolstered by the addition of new constructions in these sectors.
Breaking down the figures, excluding the value from new commercial and residential constructions, the total assessed value surged by $335.25 million. This detailed analysis showcases a 2.98% rise in residential assessments and a more pronounced 6.62% increase in commercial, industrial, and multifamily property assessments. Notably, commercial and industrial land values have seen a remarkable 10% jump.
The assessment trends reveal that approximately 85% of residential properties have experienced an increase in value, while the rest have either remained stable or equalized. The average 2024 single-family assessments present a diverse picture: condominiums at $335,300, attached homes at $604,600, detached homes at $737,800, and townhomes at $678,700.
Real estate taxes stand as a pivotal source of revenue for Fairfax City, accounting for almost half of the total city general fund revenues. The tax base is a composite of residential (66.1%) and commercial (33.9%) property assessments, illustrating the city’s balanced approach to urban development.
In line with state law, Fairfax City assesses all real property at 100% of its fair market value as of January 1 each year. The assessments for 2024 will be instrumental in applying the real estate tax rate, which is to be determined by the Fairfax City Council on May 7.
For property owners, it’s crucial to note the real estate tax payment deadlines: June 21 and December 5. The City of Fairfax will dispatch assessment notices on March 1, ensuring property owners are well-informed of their assessments.
This development highlights Fairfax City’s continued growth and the healthy state of its real estate market, contributing significantly to the city’s financial stability and ability to fund vital public services.
