[Archived] Alexandria Announces 2004 Real Estate Assessments

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

Alexandria Announces 2004 Real Estate Assessments

The overall assessed value of real property in the City of Alexandria increased 18.4 percent from $19.23 billion in calendar year 2003 to $22.76 billion in 2004, City officials announced. Approximately 16.4 percent of this $3.53 billion 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 base increased 18.2 percent or $2.03 billion. Of that figure, 92.9 percent stems from the appreciation of existing residential property.

The average assessed value of an existing residential home (single family and condominium) in the City increased 16.9 percent from $308,876 in 2003 to $361,040 in 2003.

The overall value of the City's commercial real property tax base increased 19.2 percent to $8.76 billion. Of that figure, 69.1 percent comes from the appreciation of existing commercial property and 30.9 percent comes from the construction of new commercial property.

Real property assessment notices will be mailed Friday, Feb. 13 to property owners. The City's web site, http://ci.alexandria.va.us, will be updated that day with the new assessment information.

The City Manager will present his proposed fiscal year 2005 budget to the City Council on March 9. 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 3.