City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 5, 2014
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Recommendation to Receive and Accept the Calendar Year 2014 Real Property Assessment.
BODY
ISSUE: (1) 2014 Notices of Assessment will be mailed to property owners on February 10; and (2) DREA 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 2013 to CY 2014 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.
DISCUSSION:
OVERALL CHANGE IN CY 2014 REAL PROPERTY TAX BASE
This year, the City's overall real property tax base increased 3.3% from the original January 1, 2013 assessment to January 1, 2014, or $1.14 billion from $34.75 billion in CY 2013 to $35.90 billion1 in CY 2014 (Attachment 1, Page 2, Line 74, Column 5). This increase reflects an improvement in some sectors of the real estate market, particularly in residential and rental apartment properties. The table below shows the year-over-year land book change in grand total taxable real property assessments from CY 2010 to CY 2014.
Calendar Year
Grand Total Taxable Real Property Assessments
(in billions)
Change from Prior Year
2010
$31.82
-7.5%
2011
$32.63
2.6%
2012
$33.78
3.5%
2013
$34.72
2.8%
2014
$34.75
3.3%
Attachment 2 shows the change in the tax base from a starting point of the equalized assessments. The equalized assessment represents the year-ending 2013 assessments (as of December 31, 2013), and reflect changes that occurred throughout the calendar year including administrative reviews, appeals,...
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