Property Assessments Up 11%

Property Assessments Up 11%

City officials announced last week that real property assessments in Alexandria are up by 11 percent over last year.

Property has risen from $14.63 billion in 2001 to $16.27 billion this year. More than 19 percent of the increase is the result of new construction.

“This overall increase reflects the health of the Alexandria economy, and the continued demand for both rental and owner-occupied housing in the city and in other urban jurisdictions close to the District of Columbia,” said City Manager Philip Sunderland.

Residential property accounted for 17.42 percent or $1.32 billion. Ninety-two percent of that growth is accounted for by appreciation of existing residential property. The average assessed value of a home in the city increased from $215,523 in 2001 to $248,563 this year.

“This is certainly good news for the city’s economy,” said Mayor Kerry J. Doonley. “In spite of the recession and the decline in revenue because of the Sept. 11, attack, we are doing well.”

The city’s real commercial property tax base increased 4.54 percent, from to $7.38 billion. Of that figure, 34.6 percent is from existing property while the remaining 65.4 percent comes from construction of new commercial property. The commercial real property tax base represents 45.3 percent of the total 2002 real property tax base.