Real Estate Values Continue To Rise In Falls Church City In 2024

FALLS CHURCH, VA — Residential real estate values continue to trend upward in the City of Falls Church, and commercial properties are overall increasing amid recovery from the COVID-19 pandemic.

Residential real estate values jumped 3.72 percent overall from Jan. 1, 2023 to Jan. 1, 2024, similar to the 3.5 percent increase last year. Commercial properties increased 9.48 percent overall, up from the 7.67 percent increase last year. The city's tax base totals $5.637 billion, an increase of $285.48 million, or 5.33 percent, from 2023.

New construction — $19.12 million in residential construction and $36.17 million in commercial construction — accounts for 19.4 percent of the tax base increase. The West Falls development under construction on the demolished George Mason High School site was assessed at $173.26 million in 2024. That tax base will continue to increase over four years as part of the city's economic development agreement with the developer.

Among residential properties, value changes varied by individual property. Overall, single-family home values increased 3.64 percent. Townhouse values increased 2.46 percent, while condominium values overall increased 5.37 percent.

While commercial property values are overall up due to retail and hotel recovery, office property values continue to struggle with a 1.88 percent decrease. Multifamily residential property values overall jumped 9.31 percent, largely due to new construction.

Virginia law requires real estate to be assessed at 100 percent of fair market value. Property owners will begin to receive their real estates assessments. These assessment values and the real estate tax rate set in the city's budget process factor into the tax bills property owners pay. The tax rate in the upcoming budget process will apply to tax bills due Dec. 5, 2024 and June 5, 2025.

Homeowners may request more information about their assessment value by contacting the Office of Real Estate Assessment at 703-248-5022. Those wanting to challenge the assessment value can appeal by April 15 for an Office of Real Estate Assessment review and June 7 for a Board of Equalization review. Property owners have the burden of proof to show that their property’s market value is inaccurate or unfair.

The city's budget process will kick off with the city manager's budget presentation on March 27. Various work sessions and public comment meetings will be held before the May 8 budget adoption by City Council.