ALEXANDRIA, VA-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 percent compared to Jan. 2020 – even though each individual property’s value may have increased, decreased, or remained unchanged.
Assessment notices, representing fair market values as of Jan. 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 Jan. 1, 2021, compared to Jan. 1, 2020. The commercial tax base decreased 1.96 percent, compared to an increase of 2.8 percent in 2020. A significant decline was offset by an increase of 3.53 percent in the multi-family 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 percent and 10.72 percent, respectively. Commercial properties, including multi-family apartments, comprise 40.6 percent of the tax base.
The residential tax base increased by 6.02 percent 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 percent to $615,858. The average single-family home value increased by 5 percent to $839,961. The average condominium value increased by 7.7 percent to $375,070. The increase in the total tax base for condominiums is only 3.98 percent 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 of Alexandria assesses all properties at 100 percent of their fair market value as of Jan. 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 Nov. 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/