Real Property Assessment Information
Real property assessments in the City of Alexandria are performing
similarly to those in other close-in Northern Virginia markets. On a year-over-year basis, residential values
posted an increase of 4.80%, while commercial property values increased by 1.93%.
The total 2014 locally assessed real property
tax base increased 3.56% from 2013. This marks the fourth year in a row that
assessed values have increased after two consecutive years of declining values from
2009 to 2010.
Improving housing market conditions in Alexandria are due to relatively
low unemployment, low interest rates, a constrained supply in combination with
pent-up demand, the significant number of high paying jobs, and its prime
location inside the Capital Beltway with four operating Metro stations. This
optimistic outlook is tempered by the Federal Reserve’s move to reverse its
quantitative easing policy in favor of a market-based mortgage industry which
could result in higher interest rates in 2014.
- In 2014,
the average equalized value of existing residential property, including
single-family and condominium is $490,422, an increase of 3.90% from the
average single-family house is assessed at $677,375, an increase of 3.67%.
average residential condominium is assessed at $287,495, an increase of 4.48%.
- For 2014,
81% of residential properties increased in value, 5% decreased, and 14% are
Commercial assessment increases in 2014 were driven by a strong
multi-family market that increased 9.20% on a year-over-year basis. This was attributable to rent growth and a
significant amount of new construction. Additional gains were in the general commercial
properties which increased by a modest 2.68%. The City’s office market continues to face
challenges due to a general lack of demand.
Increases in direct vacancy, tenant concessions, and capitalization
rates, in combination with lower effective rents and continued space compression
upon renewal, resulted in a year-over-year reduction of 5.11% in this sector.
By leveraging technological resources to gain efficiencies, the
Office continues to make it easier for larger commercial property owners to
electronically file Income and Expense Surveys using our web-based reporting
system. Instructions for utilizing the application are available on the ’s website at www.alexandriava.gov/realestate.
Income and Expense Surveys will be mailed in early March and have a
filing deadline of May 1.