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File #: 25-2740    Name: 2025 Assessment Report
Type: Written Report Status: Agenda Ready
File created: 12/19/2024 In control: City Council Legislative Meeting
On agenda: 2/11/2025 Final action:
Title: Consideration of the Calendar Year 2025 Real Property Assessments.
Attachments: 1. 25-2740_Att 1 CY 2025 Real Property Assessment Land Book, 2. 25-2740_Att 2 CY 2025 Equalized Assessment Summary, 3. 25-2740_Att 3 Historical New Growth (CY 2018 to CY 2025), 4. 25-2740_Att 4 Potomac Yard, 5. 25-2740_Att 5 Real Estate Tax Base Distribution (CY 2009 to CY 2025), 6. 25-2740_Att 6 Distribution of 2025 Assessments by Land Use, 7. 25-2740_Att 7 Points of Interest - CY 2025 Residential Assessment Changes, 8. 25-2740_Att 8 Average 2025 Real Property Assessment Percentage Change Map, 9. 25-2740_Att 9 Analysis of the Commercial Market, 10. 25-2740_Att 10 Overview of the Assessment Process, 11. 25-2740_Att 11 2024 New Construction Projects, 12. 25-2740_Att 12 Noteworthy Trends in Alexandria Real Estate, 13. 25-2740_Att 13 2025 Staff Presentation
City of Alexandria, Virginia
________________

MEMORANDUM



DATE: FEBRUARY 5, 2025

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

THROUGH: JAMES F. PARAJON, CITY MANAGER /s/

FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE

DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2025 Real Property Assessments.
BODY
_________________________________________________________________

ISSUE: (1) 2025 Notices of Assessment, which include the previous two calendar years and percentage change in the tax levy when applicable and practicable, will be mailed to property owners on February 12; and (2) staff will present the new real estate values at the February 11 City Council legislative meeting.

RECOMMENDATION: That City Council receives the report.

BACKGROUND: Included in the attached report are the annual changes in real property assessments from CY 2024 to CY 2025 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.

The CY 2025 real property tax rate applicable to the January 1 assessments is scheduled to be set by the City Council on April 30, 2025.

DISCUSSION:

OVERALL CHANGE IN CY 2025 REAL PROPERTY TAX BASE

The City's overall assessed real property tax base increased 2.57%, or $1.25 billion on a year-over-year basis, from $48.5 billion1 in CY 2024 to $49.7 in CY 2025 (Attachment 1, Page 2, Line 73). The overall increase exhibits continued improvement in the residential market.


The following table shows the year-over-year Land Book changes in grand total taxable real property assessments from CY 2019 to CY 2025. Of the $363,875,942 in taxable new growth reported as of January 1, 2025, $188,360,427 (51.77%) is attributable to new multifamily rental projects and $167,190,566 (45.95%) is attributable to residential projects, mostly from renovations and additions. This development accounted for 98% of the City's new growth in CY 2025 and will be shown in greater detail in Attac...

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