Post Content

The value of Alexandria’s residential tax base is outpacing its commercial tax base

Alexandria City Hall (staff Photo by Jay Westcott)

The value of Alexandria’s total residential tax base has outpaced its commercial tax base, according to the city’s Office of Real Estate Assessments.

Over last year, the city’s overall real estate assessments increased 3.82%, or $1.7 billion, to reach a total of $43.88 billion, according to a report that the City Council will receive at its legislative meeting tomorrow (Tuesday) at City Hall (301 King Street).

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 nearly 4.6% to $940,375, and the average value of a condo in the city is $407,616, an increase of roughly 3.5% over last year. The city’s multi-family rental apartment market base also increased almost 5.4% this year, for a total of $9.89 billion.

Mayor Justin Wilson touted the assessments in a series of tweets. Some residents challenged this, saying the city’s assessments don’t line up with decreases in single-family home sale prices tracked on real estate websites.

For every zip code in Alexandria — except 22305 (Arlandria) and 22312 (Lincolnia) — there was either a negative year-over-year change in sale price or no change, according to the website Redfin, which tracks median sale prices.

Wilson said Redfin’s estimates are wrong and the city’s full assessment data will be posted this coming Tuesday (Feb. 14) to examine.

Alexandria’s commercial tax base also increased just under 2%, for a total of $355.5 million.

While most commercial properties saw moderate increases, the value of office buildings in the city fell 10%. Additionally, a number of properties were and are being converted to residential use. The city’s overall equalized commercial office property tax base fell 1.8%, or nearly $66.2 million, from $3.65 billion in 2022 to $3.6 billion this year.

According to a city report:

There were seven sales of office buildings in 2022. Of those sales, one traditional commercial office building indicated intentions of conversion to residential development, [while] another plans to upgrade the current office building

  • 1801 Beauregard Street, with 135,087 square feet, reportedly intends to convert its space into 95-to-105 rental units
  • 515 King Street, with 82,800 square feet, intends to add additional amenities and develop coworking spaces
  • Empty office buildings at 801 N. Fairfax Street, 625 Slaters Lane and 635 Slaters Lane are being converted into condominiums
  • 4900 Seminary Road is being converted into 212 multifamily rental units
  • Conversions have been proposed for 901 N. Pitt Street, at Transpotomac Plaza and at 1101 King Street

The overall value of Alexandria’s 22 hotels increased by 2.6%, or $12.8 million, from $497.5 million in 2022 to $510.3 million this year.

Assessment notices will be sent to property owners this Wednesday (Feb. 15), and residents have until March 15 to request a review of their assessment with the Office of Real Estate Assessments, followed by a June 1 deadline to file an appeal with the Board of Equalization.

As for trends, last year there was a nearly 27% decrease in the volume of single family home sales, and a 13% decrease in condo sales compared with 2021, according to the city.

The median sale price of residential properties in the City of Alexandria declined for a second year (in 2022) from $588,750 to $544,875. The median rose from $517,250 to $608,000 from 2019 to 2020. The decline is still attributable to a greater number of condominium properties (typically sold for less than single-family properties) in the sales sample than in years prior to 2020.

Recent Stories

Charleston style home with courtyard entrance patio

The Alexandria Police Department (APD) is conducting a death investigation near Four Mile Run Park at 4100 Mount Vernon Avenue. According to APD, the investigation is active and no further…

Eisenhower Avenue’s days at the hot-spot for local drag racing could be coming to an end soon. At a Transportation Commission meeting last week, Senior Transportation Engineer Dan Scolese laid…

There’s a liquidation sale happening at Robcyns (3660 King Street) at the Bradlee Shopping Center. Merchandise is currently being sold at half-price. The store reportedly opened in 1963, and sells…

For many remote workers, a messy home is distracting.

You’re getting pulled into meetings, and your unread emails keep ticking up. But you can’t focus because pet hair tumbleweeds keep floating across the floor, your desk has a fine layer of dust and you keep your video off in meetings so no one sees the chaos behind you.

It’s no secret a dirty home is distracting and even adds stress to your life. And who has the energy to clean after work? That’s why it’s smart to enlist the help of professionals, like Well-Paid Maids.

Read More

Submit your own Community Post here.

Monarch Montessori School is now enrolling infants, toddlers and three year-olds for its full-time Montessori program. We offer a seamless enrollment process which involves submitting an application for review, paying the enrollment fee and submitting the remaining enrollment materials before your proposed start date.

At Monarch Montessori School, we aim to provide an authentic Montessori learning experience. At our Alexandria location, we currently have 8 openings in our Primary classroom (ages 3-6), and 6 openings in our Toddler classroom. Additionally, there are 3 infant openings at this time.

Our first floor space is an open concept. Infants and toddlers share the same large classroom. Children ages 3-6 are in two classrooms on our second floor. Each classroom has one lead and assistant guide. We offer a year-round program, with intermittent breaks for Spring Break and Winter Break.

Read More

Submit your own Community Post here.

Scholarship Fund of Alexandria Annual Gala & Auction

Do good while having a good time at the Scholarship Fund of Alexandria’s 38th Annual Gala and Auction at the Hilton Alexandria Mark Center. The fun begins with a 2-hour open bar reception while mingling with 499 other Alexandrians who

×

Subscribe to our mailing list