Total estimated value for commercial and residential properties in City of Falls Church, Virginia, increase up to 2 percent or $3.1 billion since January 1, 2011 compared to the same figures for the same month in 2010. Falls Church is said to mail assessments or estimated value for commercial and residential properties on January 4, 2011, Friday.
And on January 7, updates for the assessments for the city’s commercial and residential properties will posted on its websites for the public.
The overall values for residential properties increase by 2 percent than last year. Values for single- family homes increased by about 4 percent, while figures for condominiums and towns houses had varying changes or remain static.
For the commercial real estate market, figures for commercial properties decline by 1 percent since January of last year. Real estate value for multi- family buildings rose by 1 percent, while the office sector including large office building and retail properties are down by 4 percent and 2 percent.
Church Falls also have a Real Estate Tax Relief Program for the Elderly and Disabled, which will reduced the group of individual’s property tax by deferrals and tax exemptions or grants.
But, individuals who wish to apply for the programs must be eligible before they can avail tax grants for their residential properties.
Eligibility requirement to avail tax grant from the city include: homeowner must be 65 years old or above, or permanently and totally disabled; and the residential property must be the homeowners’ primary home.
Deadline for homeowners to get tax deferrals and exemptions for their residential properties is on April 15, 2011.