FOR IMMEDIATE RELEASE -- February 12, 2008 -- PIO#52-08/jlh
For More Information, Contact: Jennifer Harris, Communications Officer at 703.838.5078
The City of Alexandria issued the 2008 real property assessments today and announced that the overall value of real property in the City, including both locally assessed real property and state-assessed public service properties, has increased by $1.37 billion, or 4.02 percent as compared to 2007 values, to a total valuation of $35.55 billion. This includes an average 1.98 percent decline in the average home assessment, but an increase in assessments for offices, hotels, apartments and other commercial property.
Approximately 31.5 percent of the $1.37 billion increase, or $433.5 million, is the result of new construction, while the remaining 68.5 percent, or $941 million, is the result of property appreciation. The overall increase for calendar year (CY) 2008 reflects the market slowdown in the residential sector during 2007, offset by the continued strength in the commercial market sectors. Residential real property (excluding multi-family rental) represents 56.65 percent of the total real property base, while commercial property, utilities and railroads represent the remaining 43.35 percent.
Alexandria residents and other property owners will receive their individual assessment notices in the mail the week of February 12. The new 2008 assessments can now be viewed online at www.alexandriava.gov/realestate.
Changes in the Residential Real Property Tax Base
The overall value of the City’s residential real property tax base decreased 1.12 percent during the past year, or $228.6 million, from $20.37 billion in CY 2007 to $20.14 billion in CY 2008.
Not including new growth, the City’s residential tax base declined by $386 million, or minus 1.9 percent. This decrease was only partially offset by new residential construction, which added $157.36 million, or 0.77 percent, to the residential base, resulting in an overall decline of slightly more than one percent in total assessments for residential property.
The average assessed value for existing residential homes (single-family and condominiums) decreased by 1.98 percent for 2008, to $498,670 in 2008.
Residential assessments increased at an average annual rate of 18 percent for single-family and 25 percent for condominiums during the 5-year period prior to 2007. During the last two years, however, market changes have occurred that have for the most part resulted in level to declining assessments for CY 2008. Single family homes have decreased 1.5 percent and residential condominiums have decreased 10 percent over this two-year period. These decreases are less than many jurisdictions located outside the Capital Beltway where there are double-digit declines in residential values. Alexandria’s relatively stable residential values also reflect continued demand and desirability of housing in the City.
Changes in the Commercial Real Property Tax Base
The overall value of the City’s commercial real property tax base increased for 2008 by 12.08 percent, or $1.57 billion, to a total $14.52 billion. New construction accounted for $276.2 million of this increase, while appreciation accounted for the balance of $1.29 billion. Existing commercial properties increased 9.95 percent, on average, with double-digit increases for multifamily rental, office, hotel/motels, and warehouses. This increase reflects lower vacancy rates and the continued stability and health of the City of Alexandria economy.
The value of new construction decreased 5.3 percent from 2007 to $276.2 million in 2008. This can be attributed to fewer new construction starts since January 1, 2007.
Changes in the Public Service Commission Real Property Tax Base
The tax base for Public Service Corporation properties such as utilities and railroads, which are assessed by the State Corporation Commission, increased $38 million, or 4.5 percent.
More information about the City of Alexandria’s 2008 Real Property Assessments, including individual property assessments, is now available on the City’s website at www.alexandriava.gov/realestate For more information, contact the Department of Real Estate Assessments at 703.838.4646, or e-mail realestate@alexandriava.gov
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