For Immediate Release: February 11, 2021
The City of Alexandria is issuing assessments for all 46,262 parcels of real property citywide, reflecting a mixed market across residential and commercial property types. The overall value of Alexandria’s taxable property increased 2.7% compared to January 2020, although each individual property’s value may have increased, decreased or remained unchanged. Assessment notices, representing fair market values as of January 1, have been mailed to property owners and are available online. The equalized tax base increased by approximately $939.4 million, including $712.4 million in appreciation of existing properties and $227.01 million in new development or improvements.
The value of commercial properties decreased $342.5 million as of January 1, 2021, compared to January 1, 2020. The commercial tax base decreased 1.96%, compared to an increase of 2.8% in 2020. A significant decline was offset by an increase of 3.53% in the multifamily rental sector, which included $110.1 million in new growth. COVID-19 pandemic conditions resulted in substantial decreases in the hospitality and retail market sectors, with declines of 29.64% and 10.72%, respectively. Commercial properties, including multifamily apartments, comprise 40.6% of the tax base.
The residential tax base increased by 6.02% overall, which reflects a strong residential market in Alexandria combined with low mortgage interest rates. This is the largest increase in the residential category since 2006. The average assessment for all residential property types, including single-family homes, townhomes and condominiums increased by 5.7%, to $615,858. The average single-family home value increased by 5%, to $839,961. The average condominium value increased by 7.7%, to $375,070. The increase in the total tax base for condominiums is only 3.98% due to the addition of luxury condos near the waterfront to the 2020 tax base during the year.
As required by state law, the City assesses all properties at 100% of their fair market value as of January 1 of each year. The 2021 assessments will be used to apply the real estate tax rate to be proposed by the City Manager on February 16 as part of the proposed FY 2022 budget presentation, and then a rate adopted by City Council on May 5, with payments due on June 15 and November 15. Residential assessments are based primarily on neighborhood sales of comparable properties in 2020. Commercial assessments are based on sales of similar properties, income and expense data related to the property type and other economic factors.
To research property and sales data, tax payment history and parcel maps, or for information about the real estate assessment, review and appeal process, visit alexandriava.gov/RealEstate or call the Office of Real Estate Assessments at 703.746.4646.
For information about the process to develop the City’s budget and tax rates, including opportunities for community input, visit alexandriava.gov/Budget or call the Office of Management and Budget at 703.746.3737.
For media inquiries, contact Andrea Blackford, Senior Communications Officer, at andrea.blackford@alexandriava.gov or 703.746.3959.
For reasonable disability accommodation, contact nathan.carrick@alexandriava.gov or call 703.746.3199, Virginia Relay 711.
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