Real Estate Assessments Make Biggest Jump in 5 Years

The City of Falls Church released its overview of real estate assessments as of Jan. 1, 2020 Tuesday, and for the 10th straight year, the overall value is well above three percent, this time at a solid 3.89 percent, the biggest jump in five years.

According to the City in a press release issued Tuesday, the total taxable assessed value for all properties in the city, as of Jan. 1, 2020, is $4,450,079,500 ($4.45 billion), a 3.89 percent increase from Jan. 1, 2019. New construction (valued at $47.6 million) accounts for 28.57 percent of the increase in assessed value in the City, and market appreciation accounts for the remainder.

City Manager Wyatt Shields, in comments to the News-Press Wednesday, said, “For the 10th straight year, rising assessments here have enjoyed new construction as a significant component, the result of both business and homeowners investing in the City.”

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