The City of Alexandria, Virginia 2018 Real Estate Assessments Increase Just 2% Overall

Alexandria 2018 Real Estate Assessments Increase Just 2% Overall

The City of Alexandria has issued assessments for all real property, reflecting the second lowest increase in citywide property values in the last eight years. The overall value of Alexandria’s tax base increased just 2.34 percent compared to January 2017, although each individual property’s value may have increased, decreased or remained unchanged. Assessment notices, representing fair market values as of January 1, have been mailed to property owners and are available online.

Change in the residential tax base was largely due to appreciation of existing properties, while the commercial tax base was strengthened by the appreciation of multifamily and warehouse properties.  The commercial tax base includes multifamily commercial properties (apartments), office buildings, hotels, and shopping centers, with office buildings representing nearly 30 percent of the commercial base value. Compared to January 2017, the commercial tax base is increasing 0.93 percent.

The 2018 commercial tax base increase is primarily attributed to increased values in warehouse properties. Multifamily rental property, which led the commercial market for the past several years, increased 7.68 percent.

Residential assessments grew moderately across nearly all classifications of property. In total, the City’s residential tax base increased by 3.40 percent. The average assessment for all residential property types, including single family homes, townhomes, and condominiums, has increased 3.33 percent, to $547,626.  The average single-family home value has increased by 3.40 percent, to $752,585. The average condominium value has increased 3.15 percent, to $324,024.

As required by state law, the City assesses all properties at 100 percent of their fair market value as of January 1 of each year. The 2018 assessments will be used to apply the real estate tax rate to be set by City Council on May 3, with payments due on June 15 and November 15. Residential assessments are based primarily on neighborhood sales of comparable properties in 2017. Commercial assessments are based on sales of similar properties, income and expense data related to the property type and other economic factors.

To research property and sales data, tax payment history, and parcel maps, or for information about the real estate assessment, review, and appeal process, visit alexandriava.gov/RealEstate or call the Office of Real Estate Assessments at 703.746.4646.

For information about the process to develop the City’s budget and tax rates, including opportunities for community input, visit alexandriava.gov/Budget or call the Office of Management and Budget at 703.746.3737.

Posted on February 20, 2018 and filed under Home Prices.