City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 19, 2026
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: KEVIN C. GREENLIEF, DIRECTOR OF FINANCE
DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2026 Real Property Assessments
BODY
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ISSUE: (1) 2026 Notices of Assessment, which include the previous two calendar years and percentage change in the tax levy when applicable, will be mailed to property owners on February 25; and (2) staff will present the new real estate values at the February 24 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 2025 to CY 2026 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
The CY 2026 real property tax rate applicable to the January 1 assessments is scheduled to be set by the City Council on April 29, 2026.
DISCUSSION:
OVERALL CHANGE IN CY 2026 REAL PROPERTY TAX BASE
The City's overall assessed real property tax base increased 3.41%, or $1.70 billion on a year-over-year basis, from $49.7 billion in CY 2025 to $51.4 in CY 2026 (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 2020 to CY 2026. Of the $456,359,497 in taxable new growth reported as of January 1, 2026, $302,287,420 (66.24%) is attributable to residential projects, mostly due to new condominiums. Of the $154,072,077 (33.76%) in commercial growth, $92,487,517 came from vacant commercial land and the office and warehouse sectors, with the majority coming from West End (Landmark) development. Another $61,584,560 is...
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