Alexandria’s 2022 Real Estate Assessments Reflect Significant New Growth
For Immediate Release: February 10, 2022
The City of Alexandria has issued assessments for all 46,320 parcels of real property citywide, reflecting a strong market for both residential and commercial property types. The overall value of Alexandria’s taxable property increased 6.24%, compared to January 2021, although each individual property’s value may have increased, decreased or remained unchanged. Assessment notices, representing fair market values as of January 1, have been mailed to property owners and are available online. The equalized tax base increased by approximately $2.93 million, including $2.07 billion in appreciation of existing properties and $857.64 million in either new development or improvements.
The residential tax base increased by 6.91% overall, which represents a strong residential market. The average assessment for all residential property types (including single-family homes, townhomes and condominiums) increased by 5.36%, to $655,901. The average single-family home value increased 6.44% to $896,176. The average condominium value increased by 2.81%, to $398,470. Residential assessments are primarily based on neighborhood sales of comparable properties in 2021. Commercial assessments are based on sales of similar properties, income and expense data related to the property, and other economic factors.
As of January 1, 2022, the value of commercial properties increased. The commercial tax base increased 5.34%, compared to a decrease of 1.96% in 2021. New growth in multifamily rental properties and office buildings and appreciation in the industrial market offset the declines in several commercial sectors. Increases in multifamily rental properties included $398.57 million in new growth, and offices saw $124.28 million in growth from the completion of large buildings. The industrial tax base increase for 2022 is supported by continued demand from owner-occupants, e-commerce operations, self-storage facilities and endpoint distribution facilities. Continued declines in the hospitality and retail market sectors, 12.15% and 6.47%, respectively, are the result of pandemic conditions. Commercial properties, including multifamily apartments, comprise 40.2% of the tax base.
As required by state law, the City assesses all properties at 100% of their fair market value as of January 1 each year. The 2022 assessments will be used to apply the real estate tax rate to be set by the City Council on May 4, with payments due on June 15 and November 15.
Visit alexandriava.gov/RealEstate 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/Budget for information about the City’s budget and tax rate development process, including opportunities for community input.
For inquiries from the news media only, contact Andrea Blackford, Editorial Communications Manager, at andrea.blackford@alexandriava.gov or 703.746.3959.
# # #
This news release is available at alexandriava.gov/126071