City of Alexandria, Virginia
MEMORANDUM
DATE: FEBRUARY 5, 2020
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2020 Real Property Assessments.
BODY
ISSUE: Calendar Year (CY) 2020 Notices of Assessment will be mailed to property owners on February 12.
RECOMMENDATION: That City Council receives this report.
BACKGROUND: Included in this attached report are the annual changes in real property assessments from CY 2019 to CY 2020 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
The 2020 tax rate applicable to the January 1, 2020 assessed value is scheduled to be set by the City Council on April 29, 2020.
DISCUSSION:
OVERALL CHANGE IN CY 2020 REAL PROPERTY TAX BASE
This year, the City's overall assessed real property tax base increased 4.15% from the original January 1, 2019, assessment to January 1, 2020, increasing by $1.7 billion from $41.0 billion in CY 2019 to $42.7 billion1 in CY 2020 (Attachment 1, Page 2, Line 73). This increase reflects stable to moderate improvements in both the residential and rental apartment sectors of the market. The following table shows the year-over-year land book change in grand total taxable real property assessments from CY 2014 to CY 2020. Overall new growth which is a measure of the value of development increased $42.9 million and added 1.07% to the tax base. This means that about 25% of the City's tax base growth came from new development.
1 The City's 2020 valuation includes the 2019 value of state-assessed public service corporation property. These values were certified by the State Corporation Commission and Virginia Department of Taxation in September 2019.
Calendar Year
Grand Total Taxable Real
Change from Prior Year
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
$40.98
2.7%
2020
$42.6...
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