Arlington, Virginia, property tax assessments for 2024 are being mailed out this week, and most homeowners will see another increase.
Commercial property values rose overall, though that segment was held back by falling assessments of existing office buildings, whose values are being dragged lower by rising vacancy rates.
The total assessed value for all residential and commercial property in Arlington combined increased 2.5% for 2024, down from 3.7% growth in 2023.
Residential property values increased 3.2%. The average single-family property value in Arlington is $824,700, up from $798,500 in 2023 and significantly higher than the average $686,300 in 2020.
About 70% of Arlington homeowners will see their assessed value increase this year.
Arlington uses assessed property values to set annual property tax bills. Real estate taxes are set by the County Board in April, with the first of two annual real estate tax payments due in June.
The county’s 2023 calendar year real estate tax rate was $1.013 per $100 of assessed value, unchanged from calendar year 2022.
Owners can look up their assessed value online. Owners can appeal property assessments with the county appraiser’s office.
Overall commercial property values in Arlington increased by 1.6%, but existing office property values fell 11% because of office vacancy rates and changing demand for office space. That was partially offset by new construction, impacted significantly by the Crystal City area, including Amazon’s new headquarters. Factoring in new office construction, commercial property values in Arlington fell 8.5%.
Booming apartment construction in Arlington County helped boost apartment property values by 9.5%. General commercial, which includes malls and retail stores, fell 2.4% this year.
Real estate taxes account for almost 60% of Arlington County’s annual revenue, split between 55% residential and 45% commercial property assessments.
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