(Updated 4:15 p.m.) Alexandria experienced a 12.4%, or $440 million, drop in office property values this year, according to the city’s Office of Real Estate Assessments, and it could mean a reduction in city services.
Alexandria’s real estate tax base grew by just .33% this year, about $200 million, for a total of $48.49 billion, which is the smallest growth in 15 years, Mayor Justin Wilson tweeted. The city’s commercial property tax rate fell 4%, or $736.9 million.