Alexandria Property Assessments See 4.15 Percent Change In 2020

ALEXANDRIA, VA — Alexandria's taxable property value overall increased 4.15 percent when compared to January of 2019, according to data presented to City Council Tuesday night.

The 4.15 percent overall increase in property value between 2019 and 2020 is a significant change from the 2.71 percent increase from 2018 to 2019. This year, the city's tax base increased by about $1.89 billion, most of which was due to appreciation of existing properties. Appreciation accounted for $1.46 billion of the increase, and $428.6 million came from new development or improvements. Although property values increased on average, an individual property’s value may have increased, decreased or remained unchanged.

For residential properties, the average assessment was $582,636, representing a 4.62 percent increase. The average assessment for single-family homes rose by 4.13 percent to $800,025, condominiums rose by 5.84 percent to $348,234.

Commercial properties, which make up 42 percent of the tax base, saw an average 2.8 percent increase in assessment value. The highest increase among commercial property types was nearly 5 percent for multifamily apartment development.

The city assessed all properties at 100 percent of their fair market value as of Jan. 1. Residential assessments are mainly based on neighborhood sales of comparable properties in 2019, and commercial assessments are based on sales of similar properties, income and expense data related to the property type and other economic factors.

Property owners who believe the assessed value does not represent the property's fair market value can request a review of the assessment from the Office of Real Estate Assessments or appeal with the Board of Equalization and Assessment Review. A review must be requested by March 16, and an appeal must be requested by June 1.

Property assessments have been mailed to property owners and are available online at realestate.alexandriava.gov. Property owners' 2020 real estate tax bills will depend on the assessment value as well as the real estate tax rate set by City Council on April 29. Real estate tax payments will be due on June 15 and Nov. 16.

City Manager Mark Jinks is set to propose the city's fiscal year 2021 budget on Feb. 18. A budget public hearing will follow on March 9, and public hearing on tax rates will happen on April 18.