Fairfax County’s Lee District Leads the County in CRE Assessed Value Gains

Commercial property assessed values in the Lee District of Fairfax County increased by 25 percent over the past five years from $3.98 billion in 2012 to $4.97 billion in 2016.  Lee had the highest rate of increase among the county’s nine districts, according to Washington Business Journal (citing county data). The assessed value of shopping centers, convenience centers, big box and malls in the district rose from $1.1 billion 2014 to $1.66 billion in 2017 with Springfield Mall appreciating to $405 million in 2016 after its renovation.

Real estate taxes make up 64.6 percent of Fairfax County’s general fund revenue with commercial properties comprising about 19 percent of county’s total assessment base, according to the report.

Image: Fairfax Democrats

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