Assessment Values Increase For Alexandria Properties In 2019

ALEXANDRIA, VA—Property values are on the rise in Alexandria, according to 2019 assessment data released by the city. Average commercial and residential property values both increased. All taxable property values increased 2.71 percent from the last assessment in January 2018.

The average residential property assessment was $555,002, a 1.91 percent increase from 2018. Home values increased to $764,596, while condominium values grew by a larger percentage to $329,216.

The city also saw the tax base increase by $1.3 billion. Of this, $960 million was due to existing properties appreciating in value and $344 million was from new development or improvements. The additions of different commercial property types to the tax base significantly factored into the increase. Leading the commercial growth was multifamily rental development.

The city has mailed assessments to property owners. Assessments represent the fair market value as of Jan. 1. The assessments factor into how much property owners will owe on their 2019 tax bills.

Tax bills will also depend on the real estate tax City Council will set on May 1. The city manager will present the proposed budget to City Council on Feb. 21. 2019 tax bills will be due June 17 and Nov. 15.

For more information on assessments and deadlines for real estate taxes, visit www.alexandriava.gov/RealEstate.

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