Alexandria Sees Highest Property Value Increase in Decade

Alexandria has experienced “historic” growth in its property assessments over last year, the City Council will be told at its meeting tonight.

The city’s overall real estate assessments increased 4.15%, or $1.7 billion over last year, to a total of $42.1 billion. That’s the biggest property value increase in a decade.

The city’s residential tax base increased by 5.32%, or $1.24 billion, for a total of $24.6 billion. The average value of a single-family home value increased by 4.13% to $800,025, and the average value of a condo in the city is $348,234, an increase of 5.84% over last year. The value of cooperative condos fell 14.2%, or $4.6 million, for a total of $27.5 million.

At 95.8%, Alexandria’s median assessment sales ratio is the highest in the region, followed by the City of Fairfax at 95.3%, Falls Church at 93.75%, Arlington County at 93.53% and Fairfax County at 91.8%, according to a staff report. That means that Alexandria’s assessments are closer to full market value than its neighbors.

The value of Alexandria’s 31 hotels decreased by 14.71% over last year, or $129.6 million, for a total of $8.99 billion. The city’s 515 office buildings also saw a very slight dip at 0.2%, for a loss of $8.4 million, totaling at $4.2 billion.

City residents should receive property assessment notices via the mail this month. Residents have until March 16 to request a review with the Office of Real Estate Assessments and until June 1 to file an appeal with the Board of Equalization.

Mayor Justin Wilson touted the assessments in a series of tweets:

On Tuesday night, Council will receive our real estate assessment report.

Our tax base grew by 4.15%, the highest growth in over a decade. A quarter of that growth was from new development and the rest from appreciation.

Residential increased by 5.32% and commercial by 2.80%.

— Justin Wilson (@justindotnet) February 7, 2020

The average assessed value for a single-family home increased by 4.13% to $800,025. 88% of single-family homes increased in value this year.

The average assessed value for a condo increased by 5.84% to $348,234. 94% of condos increased in value this year.

— Justin Wilson (@justindotnet) February 7, 2020

City Council will receive a report from staff on property assessments at its legislative meeting tonight at City Hall (301 King Street).