It’s that time of year again – tax season. Here, we are talking about residential real estate property taxes in Northern Virginia. Homeowners in Arlington, Alexandria, Fairfax County, and Prince William County have experienced unprecedented property value appreciation over the last few years with the booming real estate market. The Washington Post reported that “a six-year run of double-digit percentage increases in Fairfax County home assessments came to abrupt end,” as assessments mailed this week reflected that properties lost value for the first time since 1998. The Post article details that Fairfax County property tax bills have grown 89 percent since 2001. Roundup of average property tax assessments changes in Northern Virginia for 2007: Fairfax County: 0.3% decline from 2006 Loudoun County: 7.1% decline Prince William County: 4.0% decline Arlington County: 0.8% decline Alexandria City 3.0% decline The Post reports under the proposed Fairfax County budget, the tax on the average home in Fairfax County, valued at $524,744 would be $4,830/year. The overall average Fairfax County tax assessment change in 2007 was not spread evenly throughout the county. Certain areas actually had increases while others had larger losses. McLean assessments were up 1.43% and Lorton assessments lead the county with an average rise of almost 2.6%. The biggest assessment reductions were in Fairfax Station (-3.05%) and Reston (-2.71%). What can you do if you still feel your tax assessment is too high? Listed below are the resources for appealing your Northern Virginia property tax assessment. Alexandria City: More information at http://www.ci.alexandria.va.us/realestate/ Arlington County: For more information or to initiate an appeal, call 703.228.3920 or email realog2@arlingtonva.us Fairfax County: http://www.fairfaxcounty.gov/dta/forms.htm contains the necessary forms to appeal the tax assessment. Call 703-222-8234 for more information on appealing tax assessments. Loudoun County: http://www.loudoun.gov/assessor/faqs.htm for more information on tax assessments in Loudoun County. Prince William County: For more information on Prince William County appeals, go to http://www.co.prince-william.va.us/default.aspx?topic=010046000580001826 |