In a glimpse at financial assessments for 2022, Alexandria Mayor Justin Wilson said on Twitter that declining hotel revenue — and thus taxes paid to the city — will put more of the city’s tax burden on residents.
The decline of tax revenue for the City of Alexandria is just one part of a difficult financial recovery from the pandemic — one exacerbated by the omicron surge earlier this winter. While sales and meals tax have rebounded slightly, the dearth of hotel funding has even led the city to consider investing in a new hotel.
“In 2019, there were 31 hotel properties in the City of Alexandria worth a total of $753 million,” Wilson said. “Today, those 31 hotel properties are assessed at a total of $464 million.”
That’s a 38% drop in the value of hotel properties in the city.
The tax revenue generated by the City’s travel and hospitality industry significantly eases the impact on our residential taxpayers, so: yes.
— Justin Wilson (@justindotnet) February 2, 2022
Meanwhile, Wilson said average assessments on single-family homes and condos have increased city-wide.
More 2022 Alexandria Assessment Data:
Increases were consistent around the City
The average single-family home increased 6.44% to $896,176 (97% increased)
The average condo home increased 2.81% to $398,470 (65% increased) pic.twitter.com/6CZuS4PIOJ
— Justin Wilson (@justindotnet) February 2, 2022
The real property assessments are scheduled to be reviewed at a City Council meeting on Tuesday, Feb. 8. A report prepared for the meeting indicates that the gulf between the commercial and residential tax base could widen this year.
The report said there’s been a $915.86 million growth in commercial assets in Alexandria, with a 15.36% increase for warehouses and a 10.33% increase for apartments offsetting a 12.5% decline in commercial assets for hotels and 6.47% decline in shopping centers.
On Tuesday night, Council will receive our real estate assessment report.
Our tax base grew by 6.24%, the highest growth in 16 years.
A third of that growth was from new development and the rest from appreciation.
Residential increased by 6.91% and commercial by 5.34%. pic.twitter.com/UaSuLyoYke
— Justin Wilson (@justindotnet) February 2, 2022
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