Financing Your Home in Fairfax County, Virginia
FINANCING YOUR HOME IN FAIRFAX COUNTY, VIRGINIA
Real Estate Assessment Notices
- Fairfax County has an annual assessment program where all real property, residential and commercial, is assessed at 100% of the estimated fair market value as of January 1 of each year.
- Real Estate Assessment values may increase or decrease due to a variety of reasons including changes in economic conditions, structural changes, land divisions, and rezonings. If you believe that your property has been over-assessed, you may appeal your assessment.
- The annual real estate tax is based on the January 1 assessed value and a real estate tax rate determined each year by the Fairfax County Board of Supervisors.
What’s in a home loan?? P.I.T.I.
Principal: Monthly payments that reduce your loan balance in small increment.
Interest: Monthly payments to the lender based on the interest rate for your loan charged on the unpaid balance.
Taxes: Real estate taxes paid from an escrow account held by the lender through a 1/12th of the annual real estate taxes included in your monthly payment.
Insurance: Hazard insurance, fire, theft, liability insurance paid to the mortgage company in payments of 1/12th of the annual premium each month.
