City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 3, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of Receipt of the Calendar Year 2016 Real Property Assessment Report.
BODY
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ISSUE: Consideration of the Calendar Year 2016 Real Property Assessment.
RECOMMENDATION: That City Council receives the report.
BACKGROUND: Included in the attached report are the annual changes in real property assessments from CY 2015 to CY 2016 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
Assessment notices will be mailed to property owners on February 10 and reflect updated market value as of January 1, 2016, as well as those for the previous two years. The comparative estimates are mandated by a 2014 amendment to ?58.1-3330(B) of the Code of Virginia which requires disclosure of the assessment (land, improvements, and total), tax rate, tax levy, and percent change for the previous two years. The 2016 tax rate applicable to the January 1, 2016 assessed value is not scheduled to be set by the City Council until May 5, 2016; therefore, a tax rate and associated tax liability are not reflected in the notice of assessments.
DISCUSSION:
OVERALL CHANGE IN CY 2016 REAL PROPERTY TAX BASE
> This year, the City's overall real property tax base, including all taxable property, increased 2.82% from the original January 1, 2015 assessment to January 1, 2016, or $1.05 billion from $37.15 billion in CY 2015 to $38.20 billion1 in CY 2016 (Attachment 1, Page 2, Line 74, Column 6). This increase reflects continued, though more moderate, improvement in both the residential and rental apartment sectors of the market. Commercial assessments also increased with the retail, industrial warehouse, and hospitality ...
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