FALLS CHURCH NEWS-PRESS | FCNP.COM
LOCAL
F.C. Residential Real Estate Assessments Jump to 6.7% Continued from Page 1
the average tax increase would amount to almost $600 for the owner of a $600,000 single family home. Citizens should be mindful that the City has tax relief options for lower income residents over 65 or with total and permanent disabilities. The deadline for filing for relief is April 15. More information and forms are available at the Treasurer’s office at City Hall. It is also significant that beginning in June, the City will be exacting a Storm Water Utility Fee from all property owners that will be determined by a variety of factors including the percentage of a property covered by an impervious surface. This new policy, required to comply with federal and state Chesapeake Bay environmental standards as well as to buoy up the City’s ability to cope with
runoff water from major storms, will hit businesses and churches with large asphalt parking lots especially hard. A mailing was sent out by City Hall to all local residents this week explaining the storm water fee policy. The fee will be included in the bill sent by the City to property owners for the first half of annual real estate taxes in May. Shields said that the City plans to mail individual real estate assessments announcements for 2014 later this week, so property owners should receive the notices on or after Monday, Feb. 17. Updated assessment information will be posted on the City website Monday, Feb. 17 but individual assessment information will not be available until after the mailing. Overall residential real estate values increased 6.73 percent over the last year. Single family home values increased by 7.83
percent, townhomes increased by 3.38 percent, and residential condominiums had varying changes but overall condos increased 4.97 percent. Overall commercial property values increased 2.37 percent since January 2013. The real estate value of multi-family apartments increased 11.15 percent, large office buildings are up 1.19 percent and large retail properties are up 8.29 percent. The value of City hotels remained flat. In total, new construction accounted for $53 million of the $225 million increase in assessed value: $33 million in Commercial new construction and $20 million in Single Family Residential new construction, totaling 24 percent of the total growth, or 1.6 percent of the 6.77 percent increase. As set forth in the Virginia Constitution, real estate is intended to be assessed at 100
FEBRUARY 13 - 19, 2014 | PAGE 5
percent of fair market value. The City’s Office of Real Estate Assessment calculates property value annually using mass appraisal techniques that are standard in the real estate assessment industry, the City’s press release stated. The notice of assessment is an appraisal of the fair market value of the property; it is not a tax bill. Property tax payments will be due in two installments on June 5 and Dec. 5; property owners will receive bills prior to these dates. The real estate tax rate will be determined on April 28, 2014, when the Falls Church City Council adopts the Fiscal Year 2015 Operating Budget and Capital Improvements Program and sets the tax rate. Public
hearings on the Fiscal Year 2015 Proposed Operating Budget will be held on March 24, April 14, and April 28 at 7:30 p.m. in Council Chambers (300 Park Ave.). According to the City press release, homeowners wondering if their assessment is correct should ask the question, “Would my home sell for the assessed value if I put it on the market?” If the answer is “yes,” the assessment is probably accurate. If the answer is “no,” contact the Office of Real Estate Assessment at 703-248-5022. Deadlines for assessment appeals are Friday, March 14, 2014, for an Office of Real Estate Assessment review and Monday, July 7, 2014 for a Board of Equalization review.
GRAND OPENING Seven Therapy Massage
Relax with our Asian Staff 6400 Seven Corners Pl. #P Falls Church, VA 22044
703-532-6000
Inova Proudly Presents our Upcoming Ask The Expert Community Lectures! Osteoarthritis and the Latest Advances in Joint Replacement Nitin Goyal, MD
Thursday, February 27 • 6:30 p.m. Inova Mount Vernon Hospital
OR Thursday, March 20 • 6:30 p.m. Laurel Hill Golf Club, Lorton, VA
Are you living with arthritis? Chronic hip, knee or shoulder pain? Learn about state-of-the-art treatments for your condition from the area’s leading orthopedic surgeons who practice at Inova hospitals. Our physician lectures will help you by suggesting ways to improve mobility and live a more active lifestyle with less pain and discomfort and at the same time provide information on the latest techniques in joint replacement for hips, knees and shoulders. These FREE lectures are designed to provide our community members with important information about the latest medical advances in specific orthopedic specialties and help you find solutions to health issues that may increase your quality of life.
Treatment Options for Rotator Cuff Tears and Shoulder Arthritis Sameer Nagda, MD
Tuesday, February 25 • 6:30 p.m. Inova Mount Vernon Hospital
Register today for these FREE lectures! To better serve you, we ask that you register online at Inova.org/AskTheExpert or by calling 1-855.My.Inova (1.855.694.6682)