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Thursday, March 20, 2014

Find Out What You Need to Know About Tax Assessments

Looking to buy or sell a home in Northern Virginia? Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price  Evaluation so you know what buyers will pay for your home in today's market. You may also call us at (703) 636-3588 for a FREE home buying or selling consultation to answer any of your real estate questions.

Explaining County Tax Assessments

I'm certainly glad that spring is here in Fairfax County, but that also means that tax season is here. While it's not fun paying taxes, you should know that these payments go towards funding all of the community services that we love and need most like schools, street maintenance, and having firefighters and policemen.

So, what are Tax Assessments?

These are assessments carried out on your home by a county assessor to gauge what you should be paying in property taxes. The value of your home will be used to determine your property taxes owed on it, which is calculated by the tax rate.

Here in Fairfax, these tax assessments have been:
   - 5.8% higher for single family homes
   - 8.4% higher for town homes.
   - 10.5% higher for condos.
   - Tax rates are only allowed to rise a certain amount over a certain period of time, so don't worry if you think your taxes are high this year, they should be around the same amount in coming years.

Click here to find out more information regarding tax assessments in the Virginia area!

What does this mean for you?
This means that you may be paying more in taxes, or it means that you might not be experiencing any increase in taxes, it all depends on your tax base. Also, keep in mind that a tax assessment does not correlate to a true market value for your home. Sometimes assessments are only carried out every few years, so do not rely on a value from a tax assessment to determine the market value of your home.

Whether you're buying or selling a home in Fairfax county, please contact me because I am your #1 resource for real estate. The spring market is here and things are certainly warming up, so don't miss out on all the action!