Virginia Residential Real Estate Lawyers

Tax Base Changes For Northern Virginia And Real Estate Market

Changes in the Residential Real Property Tax Base

The overall value of the City’s residential real property tax base increased in CY 2006 by 21.8%, or $3.64 billion, from $16.69 billion in 2005 to $20.33 billion in CY 2006. New residential construction accounted for 10.8%, or $393.2 million, of this $3.64 billion increase; appreciation accounted for 89.2%, or $3.25 billion, of the increase.

The average assessed value of an existing residential home (single family and condominium) increased 19.5% to $526,852 in 2006.

• The average assessed value for an existing single family home as of January 1, 2006, is $667,386, increasing 18.1% over last years assessed value. The 2005 increase was 18.6%.

• The average assessed value for an existing residential condominium as of January 1, 2006, is $363,592, increasing 22.6% from last year. The 2005 increase was 28.8%.

Changes in the Commercial Real Property Tax Base

The overall value of the City’s commercial real property tax base increased in 2006 by 19.6%, or $1.93 billion, from $9.86 billion in 2005 to $11.79 billion in 2006. New construction accounted for $191.2 million of this increase; appreciation accounted for $1.74 billion of the increase.

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