Alexandria’s 2019 Real Estate Assessments Reflect Stable to Moderate Increases

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Alexandria’s 2019 Real Estate Assessments Reflect Stable to Moderate Increases

For Immediate Release: February 12, 2019

The City of Alexandria has issued assessments for all 46,171 parcels of real property citywide, reflecting stable to moderate increases in value across nearly all residential and commercial property types. Assessment details are available online and have been mailed to all property owners. The overall value of Alexandria’s taxable property increased 2.71 percent compared to January 2018, 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. The tax base increased by approximately $1.3 billion, including $960 million in appreciation of existing properties and $344 million in new development or improvements.

For the first time in several years, the value of commercial properties increased by a greater percentage than residential. The commercial tax base increased 3.58 percent, compared to an increase of less than 1 percent in 2018. Increases in nearly all commercial property types contributed to the overall increase. Multifamily rental development led the commercial growth, increasing by 4 percent. Commercial properties, including multifamily apartments, comprises 43 percent of the tax base.

The residential tax base increased by 2.04 percent overall. The average assessment for all residential property types, including single family homes, townhomes, and condominiums, increased 1.91 percent, to $555,002. The average single-family home value increased 1.36 percent, to $764,596. The average condominium value increased by 3.3 percent, to $329,216.

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 2019 assessments will be used to apply the real estate tax rate to be set by City Council on May 1, with payments due on June 17 and November 15. Residential assessments are based primarily on neighborhood sales of comparable properties in 2018. 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.

For media inquiries, contact Andrea Blackford, Senior Communications Officer, at andrea.blackford@alexandriava.gov or 703.746.3959.

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This news release is available at alexandriava.gov/108070.

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