City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 6, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Calendar Year 2013 Real Property Assessment.
BODY
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ISSUE: Results of calendar year 2013 Real Property assessments.
RECOMMENDATION: That City Council receive the report.
BACKGROUND: Included in the attached report are the annual changes in real property assessments from CY 2012 to CY 2013 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities. For valuation purposes, annual assessments have an effective date of January 1. The assessments were mailed to the property owners on February 8.
DISCUSSION:
OVERALL CHANGE IN CY 2013 REAL PROPERTY TAX BASE
This year, the City’s overall real property tax base increased 2.79% from the original January 1, 2012 assessment to January 1, 2013, or $973.52 million from $33.78 billion in CY 2012 to $34.72 billion in CY 2013 (Attachment 1, Page 2, Line 74, Column 5).
The equalized assessment represents the year ending 2012 assessments (as of December 31, 2012), and reflects changes that occurred throughout 2012, including administrative reviews, appeals, decisions of the Board of Equalization, supplemental assessments, subdivisions, consolidations and demolitions. Attachment 2 shows the change in the tax base from a starting point of the equalized assessments. The increase in the tax base from the equalized 2012 assessments at year-end to January 1, 2013, is 3.03% from $33.7 billion in 2012 to $34.72 billion in 2013 (Attachment 2, Page 3, Line 66, Column 5). This increase marks the third year of slight increases (2012 increase of 4.05%, the 2011 increase of 3.1%) and signifies a reversal from the previous two years (CY 2009 and CY 2010) when the tax base decreased 6.32% ...
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