Alexandria’s 2020 Real Estate Assessments Reflect Stable to Moderate Increases
For Immediate Release: February 11, 2020
The City of Alexandria has issued assessments for all 46,194 parcels of real property citywide, reflecting stable to moderate increases in value across nearly all residential and commercial property types. The overall value of Alexandria’s taxable property increased 4.15% compared to January 2019, 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 $1.89 billion, including $1.46 billion in appreciation of existing properties and $428.6 million in new development or improvements.
The value of commercial properties increased by a slightly lower percentage than residential. The commercial tax base increased 2.80%, compared to an increase of 3.58% in 2019. Increases in nearly all commercial property types contributed to the overall increase. Multifamily rental development led the commercial growth, increasing by nearly 5%. Commercial properties, including multifamily apartments, comprise 42% of the tax base.
The residential tax base increased by 5.32% overall. The average assessment for all residential property types, including single-family homes, townhomes and condominiums increased 4.62%, to $582,636. The average single-family home value increased 4.13%, to $800,025. The average condominium value increased by 5.84%, to $348,234.
As required by state law, the City assesses all properties at 100% of their fair market value as of January 1 of each year. The 2020 assessments will be used to apply the real estate tax rate to be set by City Council on April 29, with payments due on June 15 and November 16. Residential assessments are based primarily on neighborhood sales of comparable properties in 2019. 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 email@example.com or 703.746.3959.
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This news release is available at alexandriava.gov/113592.