Real Estate Property Tax Rate Rising In Fairfax County

Fairfax Real Estate

Last week, the Fairfax County Board of Supervisors approved the Fiscal Year 2017 (Tax Year 2016) budget to include an increase of FOUR CENTS in the real estate property tax rate. This becomes effective July 1, 2016.

The last time the tax rate increased was in 2014 – from $1.085 per $100 of assessed value, to $1.09. That makes this year’s increase 8 times the last increase.

What does this mean for you and what will the new tax rate be?

  • Current Rate: $1.09 per $100 of assessed value
  • New Rate: $1.13 per $100 of assessed value

Here’s the calculation:

Your Assessed Value – Divided by $100 – Multiplied By $1.13 = Your Property Tax

So, if your home was valued at $800,000 last year, then you paid $8,720 in property tax. If your assessed value stayed the same this year, your new tax would be $9,040. (A small $320 increase.  However, 55% of homes in Fairfax County were also assessed at higher values this year than last year. So the increase is larger than it looks.)

Note: Assessed values and market values are not always the same.

Click here to find out the Fairfax County assessed value of your home.

Click here for an INSTANT online estimate of your home’s market value. Then call Terry Belt or Kevin Kleifges & The Belt Team at 703-242-3975 for a detailed, personalized review. We’re happy to assist will ALL of your real estate needs!

1400 Romeo Ct, McLean, VA 22102 – Listed by The Belt Team & Open Sunday April 17

1400 Romeo Ct McLean VA 22102 in popular McLean Hamlet is listed by The Belt Team and will be OPEN SUNDAY April 17 from 2-4PM. Here’s a sneak peek!

Call  Tom Reilly & The Belt Team at (703) 629-1263 to schedule a showing!

This immaculate colonial shows like a model home and has all the features buyers desire – a spacious floor plan featuring three finished levels; renovated gourmet kitchen with gas cooking, granite counters, and a butler’s pantry as a bonus; a master bedroom suite with walk-in closet and separate bath; a private rear yard with decks off the main and lower levels; sited on a quiet cul-de-sac; located in McLean Hamlet – one of the most desirable neighborhoods in McLean, served by top rated schools, and so much more!

Homes For Sale McLean Hamlet Homes For Sale McLean Hamlet

1400 Romeo Ct, McLean, VA 22102 – Listed by The Belt Team & Open Sunday April 3

1400 Romeo Ct McLean VA 22102 in popular McLean Hamlet is listed by The Belt Team and will be OPEN SUNDAY April 3 from 2-4PM. Here’s a sneak peek!

Call  Tom Reilly & The Belt Team at (703) 629-1263 to schedule a showing!

This immaculate colonial shows like a model home and has all the features buyers desire – a spacious floor plan featuring three finished levels; renovated gourmet kitchen with gas cooking, granite counters, and a butler’s pantry as a bonus; a master bedroom suite with walk-in closet and separate bath; a private rear yard with decks off the main and lower levels; sited on a quiet cul-de-sac; located in McLean Hamlet – one of the most desirable neighborhoods in McLean, served by top rated schools, and so much more!

Homes For Sale McLean Hamlet

8021 Agin Court McLean VA 22102 – Just Listed by The Belt Team

8021 Agin Court McLean VA 22102 has just been listed by The Belt Team! Here’s a sneak peek!

More info, price & additional photos of 8021 Agin Court McLean VA 22101

Call Tom Reilly & The Belt Team at (703) 629-1263 to schedule a showing!

Spacious living in the sought after McLean Hamlet neighborhood. This attractive colonial on a quiet cul-de-sac with an expansive addition features huge rooms, including two family rooms, four large bedrooms, three full bathrooms and a kitchen with newer Stainless Steel appliances. No carpeting in this home – hardwood floors and tile throughout! Ideal location near Spring Hill School, Rec Center & Metro less than one mile!

McLean Hamlet Homes For Sale

Home Prices and Interest Rates – Here’s the 411!

Wondering what’s happening with home prices and interest rates in the national real estate market? Check out this one minute video:

When you’re ready for a hyperlocal update for areas in Northern Virginia like Vienna, McLean, Oakton, Great Falls, Fairfax, Reston, Arlington, Annandale, Ashburn, Falls Church, Burke, Dunn Loring & Alexandria – contact The Belt Team at (703) 242-3975. Local numbers don’t always mirror national trends and you may even find wide variations in adjoining towns and cities in Northern VA!

How Much Is MY Home Worth (FREE, Instant Online Estimate)

Search our State-of-the-Art Home Search Site (updated FASTER than others so you don’t lose out on homes before you know about them!)

McLean Virginia: How Long To Sell Your Home and Are Prices Rising?

If you’re looking to buy or sell real estate in McLean, VA in 2016, you may be wondering how long homes are on the market and whether prices are up or down.

First, let’s look at what happened in 2014:

  • Average Days on Market: 86 days (up from 64 days in 2014 and 72 days in 2013)
  • Average Sold Price: $1,004,378 (down from $1,054,174 in 2014 and $1,094,034 in 2013)
  • Average Sold Price as % of List Price: 92.3% (down from 95.7% in 2014 and 96.8% in 2013)
  • Percent of Homes Sold in 10 Days or Less: 27% (down from 35% in 2014)

Now, to get an even better sense of what’s happening in the real estate market, go to our web site for up-to-date McLean VA housing stats on the most recent month as compared to the five year average. This will indicate what the current trends are.

(Special Info For Sellers of Million Dollar Homes)

Call The Belt Team at (703) 242-3975 if you would like to buy or sell in McLean, VA.

Crystal Ball Forecast for The 2016 Northern VA Real Estate Market

Northern VA Real Estate Forecast 2016

But we’re going to do it anyway!

At this time of year, our phone starts ringing off the hook looking for our CEO, Terry Belt, asking for his forecast of what this year in real estate will hold. And while his crystal ball may be as imperfect as everyone else’s, he has weathered 28 years in the Northern VA real estate market and done it uber successfully. This brings with it a good look in the rear view window, but at the same time an ability to spot & react to trends quickly.

Realtor The Belt Team     Real Estate Predictions

Here are Terry Belt’s Top Predictions For The 2016 Northern VA Real Estate Market

  • Over all, we’ll see a good year in Northern VA. The national and local press are all telling “feel good” real estate stories and this is great as it resonates positively for consumer confidence, which is a huge factor in the market.
  • The first half of the year will bring a very healthy market. I predict the second half of the year will soften as inventory grows.
  • We will see slower appreciation than we have seen the past 5 years. Statistics for the past five years for various Northern VA markets are on our web site:

(FREE – How Much Is My Home Worth)

Wild Cards – Things To Watch: 

  • Interest rates (already up once and likely to continue rising)
  • Stock market
  • Job creation, especially locally where we are trailing the nation
  • Inventory

(Our FREE state-of-the-art buyer search site)

My Advice To 2016 Buyers & Sellers:

If you’re thinking about buying or selling a home in 2016, the absolute most important thing you can do is to make sure you have the best Realtor representing & advocating for you. There’s a lot to navigate along the way – appraisals, surveys, legal disclosures, when to sell, how to price, how to stage, what to disclose, what not to disclose, mortgage financing, how to compete and more. Every market has its own ins & outs & idiosyncrasies.

According to NAR, 90% of homes are sold by 10% of the Realtors. So my advice to clients, whether they are buying here in Northern VA or across the country in California or even across the ocean in Europe – is to make sure you work with the best. You know they’re the best when they’re in that top echelon of performers. The more transactions a team does, the more prepared they are to be your advocate and help you navigate successfully.

Buying or selling a home is often one of the biggest, if not THE biggest, financial transactions of your lifetime – not to mention the emotional importance of your home and family. Do it right!