We've been getting complaints from homeowners about their property tax assessments this year. 

They've seen home values fall in a declining real estate market yet have seen a rise in property tax assessments. 

Keep your eye on the total.

Most jurisdictions are required to break out the total assessed value between land and building. In Fairfax County, this year, assessed land values sky rocketed. However, it doesn't really matter how they break it out. What matters is the total assessed value. Even though Fairfax County took another look and reassigned values to land and building, the overall assessment totals did not change. 

Property tax assessments are based on recent sales and sometimes in a declining market there may not be many comparable properties with which to compare. That may be a reason why your assessment is up. It may be based on sales from a year ago. You need to go online and compare your property value with homes of similar size and quality in your neighborhood. You can always file an appeal but you also take a risk. 

Appeals

When was the last time a county tax assessor took a close look at your home? Did you finish a basement, add a deck or make other improvements that would increase the value of your property? Assessors will take a look at all of that. It costs nothing to file an administrative appeal.

Assessment values are not based on appraisals.  If you choose to go further and go before a committee for a hearing an appraisal and other documents may help your case but there's a cost associated with getting one. Do you believe your potential property tax saving will offset the cost? There are many things to consider. Go to your local property tax website. Most post all the information you need. 

Important Insurance Information:

Assessment value on the building portion of your property tax assessment has nothing to do with actual value of your physical structure. It may cost a lot more to rebuild your home in event of a loss. Make sure your are insured for full building replacement value. 

STORY RUNS Thursday April 10, 2008 at 5pm

TO SEE OUR STORY ON FAIRFAX COUNTY PROPERTY TAX ASSESSMENTS CLICK HERE.

                 FAIRFAX COUNTY PROPERTY TAX ASSESSMENTS FOR 2007  

                 Overall Assessments

               16% Slight Increase

        71% Decrease

          13% No change

More info from Fairfax County Department of Tax Adminsitration click here.