Virginia Residential Real Estate Lawyers

Changes in the Residential Real Property Tax Base

The overall value of City of Alexandria’s residential real property tax base decreased by 0.82 percent during the past year, or $166.2 million – from $20.37 billion in CY 2006 to $20.21 billion in CY 2007.

Overall, the City’s residential tax base declined by $590.2 million, or minus 2.9 percent. This decrease was almost entirely offset by new residential construction, which added $424.01 million, or 2.08 percent, to the residential base, resulting in an overall decline of less than 1 percent in total assessments for residential property.

The average assessed value for existing residential homes -single family and condominiums- decreased by 2.9 percent for 2007, to $509,593.

The average assessed value for existing single-family homes -single family detached and townhouses- as of January 1, 2007, is $660,866 – a
decrease of $8,433 from the previous year, or minus 1.26 percent.

The average assessed value for existing residential condominiums as of January 1, 2007, is $341,008 – a decrease of $23,278 from the previous year, or minus 6.39 percent.

Residential assessments had increased at an average annual rate of 15 percent for single-family and 20 percent for condominiums during the six-year period from 2001 to 2006. During 2006, however, market changes occurred that resulted in level or declining assessments for CY 2007.

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