City of Fairfax issued the following announcement on Feb. 28
Reflecting a strong market for residential properties, a moderate market for commercial property types plus value attributed to commercial and residential new construction, the City of Fairfax’s overall real property tax base grew 7.7% from 2021.
Excluding value added for commercial and residential new construction, total assessed value increased 6.3% percent. Residential assessments increased 8.8% percent and commercial assessments increased 2% percent.
For 2022, the average single-family property increased from approximately $541,500 to $589,000. Approximately 97 percent of residential property owners saw their assessed value increase while the remainder were unchanged or equalized. Residential single-family properties include condominiums, duplexes/duets, townhouses, single-family attached and detached homes.
Real estate taxes provide approximately 50 percent of total city general fund revenues. The city’s real estate tax base is comprised of residential (66%) and commercial (34%) of total property assessments. Click here to learn more about the city’s proposed and current budgets.
The city assesses all real property at 100% of fair market value, as of January 1 each year as required by state law. 2022 assessments will be used to apply the real estate tax rate set by City Council on May 3. Real estate tax payments are due to the city treasurer June 21 and Dec. 5 of each year.
Assessment notices due to be mailed to City of Fairfax property owners March 4. 2022 assessment information will be available online Friday, March 4.
Learn more about real property assessments in the City of Fairfax
.Look up your real property assessment; 2022 assessments will be available online Friday, March 4.
Original source can be found here.
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