City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 7, 2018
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2018 Real Property Assessments.
BODY
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ISSUE: 2018 Real Property Assessments.
RECOMMENDATION: That City Council receive this report detailing the City's 2018 Real Property Assessments.
BACKGROUND: Included in the attached report are the annual changes in real property assessments from calendar year (CY) 2017 to (CY) 2018 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
Assessment notices will be mailed to property owners on February 14 and reflect updated market values as of January 1, 2018, as well as those for the previous two years. The 2018 tax rate applicable to the January 1, 2018 assessed value is scheduled to be set by the City Council on May 3, 2018.
DISCUSSION:
OVERALL CHANGE IN CY 2018 REAL PROPERTY TAX BASE
This year, the City's overall assessed real property tax base increased 2.34% from the original January 1, 2017, assessment to January 1, 2018, or $983 million from $38.9 billion in CY 2017 to $39.9 billion1 in CY 2018 (Attachment 1, Page 2, Line 73). This increase reflects stable to moderate improvements in both the residential and rental apartment sectors of the market. Commercial assessments also increased, mainly attributable to multi-family and warehouse properties. The following table shows the year-over-year land book change in grand total taxable real property assessments from CY 2013 to CY 2018.
Calendar Year Grand Total Taxable Real Property % Change from Prior Year
2013 $34.72 2.8%
2014 $35.90 3.3%
2015 $37.15 3.5%
2016 $38.20 2.8%
2017 $38.99 2.1%
2018 $39.90 2.3%
Attachm...
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