City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 6, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, INTERIM DEPUTY CITY MANAGER
DOCKET TITLE:
TITLE
Consideration of the Calendar Year 2024 Real Property Assessments.
BODY
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ISSUE: (1) 2024 Notices of Assessment, which include the previous two calendar years and percentage change in the tax levy when applicable and practicable, will be mailed to property owners on February 14; and (2) staff will present the new real estate values at the February 13 City Council legislative meeting.
RECOMMENDATION: That City Council receives the report.
BACKGROUND: Included in the attached report are the annual changes in real property assessments from CY 2023 to CY 2024 and historical statistics related to assessment appreciation/depreciation, new construction, and residential sales activities.
The CY 2024 real property tax rate applicable to the January 1 assessments is scheduled to be set by the City Council on May 1, 2024.
DISCUSSION:
OVERALL CHANGE IN CY 2024 REAL PROPERTY TAX BASE
The City's overall assessed real property tax base increased 0.33%, or $157.7 million on a year-over-year basis, from $48.3 billion1 in CY 2023 to $48.5 in CY 2024 (Attachment 1, Page 2, Line 73). The overall increase exhibits the continued improvement in the residential market and a substantial decrease of multi-family construction.
The following table shows the year-over-year Land Book changes in grand total taxable real property assessments from CY 2018 to CY 2024. Of the $522,108,387 in new growth reported as of January 1, 2024, $284,436,992 (54.48%) is attributable to residential projects, mostly from renovations and additions; $161,364,356 (30.91%) is attributable to new multifamily rental projects. This development accounted for 85% of the City's new grow...
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