How is the current real estate market reflected in my assessment?
During 2010 the residential market continued to improve in Fairfax County. This market improvement has meant fewer foreclosures, faster sales and price appreciation in many neighborhoods. As of January 1, 2011, the real estate market change during 2010 has resulted in an overall increase in residential property assessments due to equalization totaling 2.34%. The amount of price increase varied by property type and neighborhood. Almost 64% of residential properties, excluding those with new construction, have an assessment increase for 2011. Another 22% have no change in assessed value from the prior year. The number of days that properties were listed for sale decreased from an average of about 72 in 2009, to an average of approximately 52 days in 2010. Staff had more than 11,000 fair market sales to analyze in determining 2011 assessments. Residential property foreclosures decreased in the county during the past year by roughly 32%. As a duress sale, foreclosures themselves, or lender
