[Archived] City of Alexandria Releases Real Estate Assessment Figures for 2002

City Press Release


	City of Alexandria, Virginia Office of the City Manager Alexandria City Hall 301 King Street, Suite 3500 Alexandria, Virginia 22314-3211 www.alexandriava.gov Telephone: 703.838.4300 Fax : 703.838.6343

The overall assessed value of real property in the City of Alexandria increased 11.21 percent from $14.63 billion in calendar year 2001 to $16.27 billion in 2002, City officials announced today. More than 19 percent of the increase is the result of new construction. “This overall increase reflects the health of the Alexandria economy, and the continued demand for both rental and owner-occupied housing in the City and other urban jurisdictions close to the District of Columbia,” said City Manager Philip Sunderland.

Overall, the value of the City’s residential real property tax based increased 17.42 percent or $1.32 billion. Of that figure, 92 percent stems from the appreciation of existing residential property.

The average assessed value of an existing residential home in the City increased 15.33 percent, or $33,040 from $215,523 in 2001 compared to $248,563 in 2002.

The overall value of the City’s commercial real property tax based increased 4.54 percent to $7.38 billion. Of that figure, 34.6 percent comes from the appreciation of existing commercial property and 65.4 percent comes from the construction of new commercial property. The commercial real property tax base represents 45.3 percent of the total 2002 real property tax base.

Tax assessment notices were mailed today (Feb. 15) to property owners. The City’s web site, http://ci.alexandria.va.us, will be updated Sat., Feb. 16, with this new assessment information.

The City Manager will present his proposed fiscal year 2003 budget to the City Council on March 12. Following a series of work sessions and public hearings, the Council is scheduled to adopt the budget and set the real property tax rate on May 6.