Real Estate Tax Base for Alexandria, VA Declines in 2009

Real estate tax assessments from the City of Alexandria for 2009 have just landed in local mail boxes with predictable results.  Bottom line – the total real estate base (including commercial properties) for Alexandria declined 2.1% in 2009 as compared with 2008.

Average home prices in the Washington, DC area have dropped some 15% over the past year while in Alexandria the drop comes in at  4.7%.  According to the letter from the City that accompanied the assessments, the 2009 average assessed value for single family homes is now $637,154 representing a decline of 3.5%.  The average assessed value for condominiums is $301,714, representing a decline of 7.6%.  (Yet, interestingly, we reported yesterday that condominium sales were up 4% in 2008.)

The letter from the City goes on to say “these are averages and do not reflect the circumstances of any individual property.”

 

Assessments can, of course be appealed and if the emails I’ve seen on our local neighborhood list serv are any indicator, the City will be hiring extra people just to keep up with the paper work!

Michael

P.S.  The City should also hire a new writer/editor, the newsletter was really badly done . . .