City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 3, 2021
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2021 Real Property Assessments.
BODY
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ISSUE: Calendar Year (CY) 2021 Notices of Assessment will be mailed to property owners on February 10.
RECOMMENDATION: That City Council receive this report on calendar year 2021 Real Property Assessments.
BACKGROUND: Discussed in the following report are the changes in real property assessments from CY 2020 to CY 2021 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
The 2021 tax rate applicable to the January 1, 2021 assessed value is scheduled to be set by the City Council on May 5, 2021.
DISCUSSION:
OVERALL CHANGE IN CY 2021 REAL PROPERTY TAX BASE
This year, the City's overall assessed real property tax base increased 2.69% from the original January 1, 2020, assessment to January 1, 2021, or $1.1 billion from $42.7 billion in CY 2020 to $43.8 billion1 in CY 2021 (Attachment 1, Page 2, Line 73). This compares to an early estimate of 0.15% projected at Council's Retreat in early November. This overall increase is the result of significant improvement in the residential sector and moderate improvement in the multi-family sector of the market. The following table shows the year-over-year land book change in grand total taxable real property assessments from CY 2015 to CY 2021.
Calendar Year Grand Total Taxable Real Change from Prior Year
2015 $37.15 3.49%
2016 $38.20 2.82%
2017 $38.99 2.07%
2018 $39.90 2.34%
2019 $40.98 2.71%
2020 $42.68 ...
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