February 11, 2021 at 1:17 pm
Alexandria property valuations for 2021 reflect a mix of changes
For immediate release: February 11, 2021
The city of Alexandria publishes ratings for all 46,262 lots across the city, reflecting a mixed market between residential and commercial real estate. The total value of Alexandria’s taxable property increased 2.7% from January 2020, although the value of each property may have increased, decreased, or remained unchanged. Valuation notices representing the market value as of January 1st have been sent to the owners and are available online. The balanced tax base increased approximately $ 939.4 million, including $ 712.4 million for increasing the value of existing real estate and $ 227.01 million for new developments or improvements.
The value of commercial real estate was $ 342.5 million as of January 1, 2021, compared to January 1, 2020. The business tax base decreased 1.96% from a 2.8% increase in 2020. A significant decrease was offset by an increase of 3.53% in the multi-family rental sector, which included new growth of $ 110.1 million. The COVID-19 pandemic resulted in significant declines in the hospitality and retail sectors, with falls of 29.64% and 10.72%, respectively. Commercial real estate, including apartment buildings, accounts for 40.6% of the tax base.
The residential property tax base increased 6.02% overall, reflecting a strong Alexandria residential property market coupled with low mortgage rates. This is the largest increase in the residential property category since 2006. The average valuation for all types of residential property, including single-family homes, townhouses, and condominiums, rose 5.7% to $ 615,858. The average value of a single family home increased 5% to $ 839,961. The average condominium value rose 7.7% to $ 375,070. The overall condo tax base increase is only 3.98% as luxury condominiums near the waterfront were added to the 2020 tax base during the year.
In accordance with legal requirements, the city values all properties on January 1st of each year at 100% of their market value. The 2021 assessments will be used to apply the real estate tax rate proposed by the city administrator on February 16 as part of the proposed presentation of the budget for fiscal year 2022, and then a rate approved by the city council on May 5, the payments of which will be due on June 15th and November 15, 15th Home valuations are based primarily on sales of similar properties in the neighborhood in 2020. Commercial valuations are based on sales of similar properties, income and expense data related to property type and other economic factors.
Visit alexandriava.gov/RealEstate or call the Office of Real Estate Assessments at 703.746.4646 to research property and sales data, payment history and package cards, or for information on the property appraisal, review and complaint process.
For information on the process of developing the city’s budget and tax rates, including opportunities for community contributions, visit alexandriava.gov/Budget or call the Administration and Budget Office at 703.746.3737.
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This press release is available at alexandriava.gov/120286
This press release was produced by the City of Alexandria. The views expressed here are those of the author.