Alexandrians are going to see another increase in the assessed value of their real estate property in 2004. The assessed value has risen this year by 18.4 percent, or $3.53 billion, from $19.23 billion in 2003 to $22.76 billion in 2004.
City Council received the news from Cindy Smith-Page, the director of the Department of Real Estate Assessments at Tuesday’s Council meeting.
“Approximately 16.4 percent of this increase is the result of new construction,” Smith-Page said. “This includes $311 million related to the construction of the U. S. Patent and Trademark Office. The remaining 83.6 percent is the result of appreciation.”
This year, residential real property represents 58.1 percent of the total property tax base. Commercial property represents 38.5 percent and the state Corporation Commission properties represent the remaining 3.4 percent.
Residential property represents 58.1 percent of the total real property tax base, which is up slightly from last year’s 57.7 percent. The overall value of the city’s residential property tax base increased this year by 18.2 percent, or by $2.03 billion.
New residential construction accounted for 7.1 percent of this increase; appreciation accounted for 92.9 percent of the increase.
AS OF JANUARY, 2004, the average assessed value of a single-family home in Alexandria was $474,681, up by 16.4 percent over last year. The average assessed value of a residential condominium in Alexandria is $216,571, an increase of 23.4 percent over last year.
The overall value of the city’s commercial property tax base increased in 2004 by 19.2 percent or $1.41 billion. New construction accounted for 30.9 percent of this increase or $435.9 million, while appreciation accounted for the remaining $975.8 million increase.
“The good news is that our real estate market continues to be strong,” said Mayor William D. Euille. Euille earlier discussed the possibility of an additional cut in the tax rate. That will be considered during the budget process.
Assessment notices will be mailed to city property owners on Feb. 12.