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).
