More than 356,000 updated 2021 real estate assessments are available online and are being mailed to all property owners. Based on equalization changes (market-driven value increases or decreases for your home), countywide residential real estate assessments are up an average of 4.25%, with the average assessment for all homes at $607,752. In 2020, the countywide average home assessment was $582,976.
Despite the pandemic, housing prices increased in most areas of the county because of record low interest rates and low inventory. However, commercial real estate — especially restaurants, retail and hotels — declined in value due to increases in vacancies, collection loss, and overall market risk.
88% of Home Values Are Up
Of the total number of residential properties, 88% increased in value due to what’s called equalization which are market-driven increases or decreases to values. Only 4.4% saw a decrease in value, and assessments are unchanged for the remaining 7.6%.
The breakdown of average home assessments (averages are not necessarily indicative of individual properties or neighborhoods):
- Single family detached homes – $725,327, up 4.17%
- Townhouse /duplex properties – $460,526, up 5.13%
- Condominiums – $304,877, up 4.62%
Meanwhile, nonresidential real estate values (commercial, industrial and rental apartments) values dropped by 4.05% on average.
Overall, of the 356,171 taxable parcels in Fairfax County:
- 326,263 have an assessment change.
- 29,908 have no assessment change.
Why Your Assessment May Have Changed
There are several factors that affect real estate assessments:
- Sales in the neighborhood.
- Economic factors such as average number of days homes have been for sale and sales volume.
- Improvements to the property (remodeling, additions).
- New construction and rezonings.
- Property characteristics (such as size, age, condition and amenities).