Average McLean Home Values Fall Slightly

Some  McLean homeowners will notice that their property values have declined when they open their new assessment notices this week.

The Fairfax County Department of Tax Administration  started mailing the 352,364 real estate assessment notices to county taxpayers Tuesday. Overall values in the McLean zip code area declined .11 percent. Values in neighboring Great Falls declined 1.82 percent, the biggest decline in the county.

McLean and Great Falls were among five zip code areas in Fairfax with declining values. (See map accompanying this story.)

Almost 41% of residential properties increased value while  another 34% had no change for 2012, the county said in a statement.  That means about 25 percent declined. Overall residential properties  values grew less than one percent, the county said.

Here are the 5 things you should know about the county's assessments.

1. What this means for your wallet remains to be seen. Just because overall property values declined, doesn't mean that the value of your individual house declined. Especially if you made improvements.

2. Your property tax bill and your stormwater bill are  based on every $100 of assessed value of your property. The proposed county budget released Tuesday calls for no property tax rate increase and  a one cent increase in the stormwater rate to .25 cents.

3. Existing commercial properties  increased in value by  8.21 percent--- led by apartment buildings and high-rise office building.

County executive Anthony Griffin noted in his proposed county budget presentation Tuesday that nine new office buildings are under construction and most of them are speculative buildings, meaning they have no confirmed tenants.

Developers only build "spec" buildings when they think the market is improving.

4. Both residential and commercial real estate in Fairfax County for 2012 totals approximately $200.3 billion. This is an increase of approximately $6.34 billion, or 3.27% from the 2011 assessment base, the county said.

5. Have questions about your assessments or want to appeal them: Contact the Department of Tax Administration (DTA) at 703-222-8234; or, citizens may contact the Tax Department via email.

Citizens can obtain a list of residential sales within each assessment neighborhood from the DTA website.  

Administrative appeals can be filed with DTA if citizens believe their assessment is not equitable in comparison with similar properties or if they believe their assessment exceeds fair market value. Appeals may be made:

• In writing to the Real Estate Division of DTA.
• Citizens may appeal their residential assessment online through DTA’s homepage, www.fairfaxcounty.gov/dta/realestatetax_home.htm.
• Appeal applications can also still be obtained by calling DTA; or, can be downloaded directly from DTA’s homepage.

 DTA requests that appeal applications be filed by April 6, 2012.