For Immediate Release: February 14, 2017
The City of Alexandria has published real estate assessments for all property owners, representing the fair market value of properties as of January 1, 2017. Assessment notices have been mailed to property owners and are available online.
“This year’s assessments are consistent with a sluggish regional economy,” said City Manager Mark B. Jinks. “The increase from last year – including residential appreciation of less than 1 percent — is among the lowest changes to the tax base in two decades.”
The overall value of Alexandria’s tax base increased 2.07 percent compared to January 2016, although each individual property’s value may have increased, decreased or remained unchanged. 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 hotels and general commercial properties.
The commercial tax base includes multi-family commercial properties (apartments), office buildings, hotels, and shopping centers, with office buildings representing more than half of the commercial base value. Compared to January 2016, the commercial tax base is increasing 2.51 percent.
While the office building base value has only increased by 0.28 percent over 2016, the hospitality sector increased by 12.58 percent. The general commercial base, which encompasses nearly 700 parcels in the City and typically contains uses such as small retailers, repair and service establishments, restaurants and financial institutions, is also showing a healthy condition with an increase of 10.27 percent.
Residential assessments grew modestly across nearly all classifications of property. In total, the City’s residential tax base increased by 1.75 percent. The average single family home value has increased by 1.26 percent, to $730,449. The average condominium value has increased 0.16 percent, to $310,990. The average assessment for all residential property types, including single family homes, townhomes, and condominiums, has increased 0.95 percent to $528,421.
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 2017 assessments will be used to apply the real estate tax rate to be set by City Council on May 4, with payments due on June 15 and November 15. Residential assessments are based primarily on neighborhood sales of comparable properties in 2016. 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 www.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 www.alexandriava.gov/Budget or call the Office of Management and Budget at 703.746.3737