City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 6, 2019
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2019 Real Property Assessments.
BODY
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ISSUE: 2019 Real Property Assessment results.
RECOMMENDATION: That City Council receive this 2019 Real Estate Assessment Report.
BACKGROUND: Reflected in the attached report are the annual changes in real property assessments from CY 2018 to CY 2019 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
Assessment notices will be mailed to property owners on February 13 and reflect updated market values as of January 1, 2019, as well as those for the previous two years. The 2019 tax rate applicable to the January 1, 2019 assessed value is scheduled to be set by the City Council on May 1, 2019.
DISCUSSION:
OVERALL CHANGE IN CY 2019 REAL PROPERTY TAX BASE
This year, the City's overall assessed real property tax base increased 2.71% from the original January 1, 2018, assessment to January 1, 2019, or $1 billion from $39.9 billion in
CY 2018 to $41.0 billion1 in CY 2019 (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 at a greater percentage than residential properties for the first time in several years. The following table shows the year-over-year land book change in grand total taxable real property assessments from CY 2013 to CY 2019.
Calendar Year Grand Total Taxable Real Change from Prior Year
2013 $34.73 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%
2019 ...
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