The total 2015 locally assessed real property
tax base increased 3.50% from 2014. This marks the fifth 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 2015.
- In 2015,
the average value of existing residential property, including
single-family and condominium is $509,853, an increase of 3.08% from the
previous year's equalized values.
average single-family house is assessed at $702,098, an increase of 2.92%.
average residential condominium is assessed at $302,842, an increase of 3.51%.
- For 2015,
80% of residential properties increased in value, 9% decreased, and 11% are
Commercial assessment increases in 2015 are primarily attributable to the continued expansion of multi-family residential housing and improvement in the general commercial areas of the market. 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
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.