City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 1, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2022 Real Property Assessments.
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ISSUE: Calendar Year (CY) 2022 Notices of Assessment will be mailed to property owners on February 9.
RECOMMENDATION: That City Council receives this report on calendar year 2022 Real Property Assessments.
BACKGROUND: Discussed in the following report are the changes in real property assessments from CY 2021 to CY 2022 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
The 2022 real property tax rate applicable to the January 1 assessments is scheduled to be set by the City Council on May 4, 2022.
DISCUSSION:
OVERALL CHANGE IN CY 2022 REAL PROPERTY TAX BASE
The City's overall assessed real property tax base increased 6.24%, or $2.73 billion on a year-over-year basis, from $43.8 billion in CY 2021 to $46.6 billion1 in CY 2022 (Attachment 1, Page 2, Line 73). The overall increase marks the continued improvement in the residential market and substantial growth in the multi-family sectors that began in CY2020 and delivered in CY 2021. The following table shows the year-over-year Land Book changes in grand total taxable real property assessments from CY 2016 to CY 2022. Of the $857.4 million in new growth reported as of January 1, 2022, $398.6 million (46.5%) was attributable to multifamily rental projects. Another $201.5 million (23.5%) was attributable to residential condominiums. This positive development accounted for 70% of the City's new growth in CY 2022. More details are included in Attachment 12.
Calendar Year Grand Total Taxable Real Change from Prior Year
2016 $38.20 2.82%
2017 $38.99 2.07%
2018 ...
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