Home values in Alexandria, Virginia, have seen some of the largest increases in the D.C. metro in the last year, and homeowners will see that reflected in this year’s property taxes.
The City of Alexandria has completed calculations for 2021 assessments, and the average assessment for residential properties will go up by 5.7% to $615,858. That average includes all residential property types, including single-family homes, town homes and condos.
That is not a property tax bill.
Alexandria assesses all properties at 100% of fair-market value, and the assessments will be used to set the real estate tax rate to be proposed to the city manager on Feb. 16 as part of the 2022 fiscal budget. The city council will adopt property tax rates on May 5.
Alexandria homeowners pay property taxes in two installments, on June 15 and Nov. 15.
Gains for residential property values in Alexandria were partially offset by a decline in the value of commercial properties.
The commercial tax base in Alexandria decreased by 1.96% this year, compared to a 2.8% increase in 2020. The one exception was apartment buildings, which are generally considered commercial properties, not residential properties, based on a threshold of units.
Multifamily values rose 3.53%.
The COVID-19 pandemic had a profound effect on the assessed value of commercial properties in the hospitality and retail markets, which were down 29.64% and 10.72% respectively.
Residential properties account for more than 59% of Alexandria’s tax base.
Alexandria property owners can find information about property tax assessments, including a request for a review of assessments, online.