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City of Alexandria, VA City of Alexandria, VA
Real Estate
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Page updated Jul 1, 2014 9:56 AM
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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.

The Residential Market 

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 previous year.
  • The average single-family house is assessed at $677,375, an increase of 3.67%.
  • The 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 unchanged.

The Commercial Market 

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.

301 King St., Room 2600
Alexandria, VA 22314
703.746.4646
Fax: 703.706.3979
E-mail

Office Hours:
Monday - Friday
8:00 a.m. - 5:00 p.m.