Budget, budget budget.
Every year, the Town of Vienna, VA, and Fairfax County approve budgets for the year. The amount charged for property tax (real estate) typically will change because the tax rate can fluctuate as can the Assessment.
Property Assessments are calculated each year by the Fairfax County Department of Tax Administration using the Assessment-to-Sales Ratio (ASR).
The ASR is derived by dividing the assessed value by the selling price.
Most Assessments in Fairfax County have trended higher over the last few years. For example, the Assessment on my own house in Vienna, VA increased 7.21% in 2022, 1.52% in 2021, but a staggering 6.94% increase back in 2019.
I expect the 2023 Assessment will increase over 6% again based on year-to-date sales market activity in Vienna.
Clients always ask me to crunch numbers when they can compare interest rates. But to really budget properly, your monthly payment should include the expected cost of the real estate taxes too.
Homeowner’s Insurance is another monthly payment that can fluctuate based on the amount of your deductible and additional riders. These are topics for another post.
TOV 2022 Real Estate Tax Includes
- Fairfax County: $1.11 per $100 of assessed value
- Town of Vienna: $0.0205 per $100 of assessed value
- Storm Water Fee: $.0325 per $100 of assessed value
Real Estate taxes are due twice a year, on July 28th and December 5th.
It is important to point out that the Town of Vienna taxes includes services like trash collection, recycling, snow plowing, leaf collection, and a town hall, Parks and Recreation Department, Mayor and Town Council. Vienna has its own police force too.
Nearby Tax Rates for 2021
- City of Falls Church – $1.32
- City of Fairfax – $1.075
- City of Alexandria – $1.11
- Town of Herndon – $0.265
- Town of Vienna – $0.2225
- Arlington County – $1.013
- Fairfax County – $1.14
- Loudoun County – $0.98
The Constitution of Virginia, Article X, Section 2, and the Code of Virginia, § 58.1-3201 require real estate assessments to represent fair market value.
Residents need to check each new Assessment in January. There is a process to appeal your Fairfax County tax Assessment if you feel it is unfair based on nearby resales.